Unformatted text preview: The line of credit establishes the fact that the secured interest is now attached. 4. C, Float’s security interest in Gray’s inventory perfected on March 5, 2004 because that is the day Float filed a financing agreement which is the most common way to perfect an interest. 5. B, Float’s security interest has priority over Shore because Float filed their financing agreement before Shore. Float filed their financing agreement on March 5, 2004 while Shore filed their financing agreement on March 10, 2004. 6. C, Dove purchased the sofa free of either Shore or Float security interests because once the sofa was purchased by Dove, Shore and Float both lost any interest it had when it was sold....
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- Spring '08
- Finance, 1918, Uniform Commercial Code, Security interest, Shore, Secured transaction