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Explain your reasoning be specific exam questions page

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Unformatted text preview: and what Middle Bank should do as a practical matter. Explain your reasoning. Be specific. EXAM QUESTIONS -- PAGE 2 OF 5 Question Two (200 points) Suggested Time: 120 minutes MakesIt Corporation: MakesIt Corporation is a California corporation, incorporated on October 1, 1985. At all times relevant to this question, MakesIt was in the business of designing and manufacturing computers and other electronic devices. BANK A Assume that Bank A has a properly attached and perfected security interest in the following property owned by MakesIt to secure all past obligations and future advances: existing and after-acquired inventory and equipment. Bank A filed its financing statement on December 1, 2002 and made its first advance on December 15, 2002. The parties signed the security agreement on December 15, 2002. Bank A timely filed all necessary continuation statements. As of today, December 4, 2011, MakesIt owes Bank A $590 million. Bank A’s security agreement stated: “MakesIt may sell inventory in the ordinary course of business, proceeds to be deposited with Bank A” SellsIt Corporation SellsIt Corporation...
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