Gebbia-2011-fall-sectrans-exam

I will not wish you good luck because you have worked

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Unformatted text preview: I will not wish you “good luck” because you have worked hard this semester and will not need to rely on luck. Have a great break. See you next semester. THIS EXAM CONSISTS OF 2 PAGES OF INSTRUCTION AND 5 PAGES OF QUESTIONS. PLEASE MAKE SURE THAT YOU HAVE ALL OF THEM. INSTRUCTIONS: PAGE TWO Question One (75 POINTS) Suggested Time: 45 minutes THE DEBTOR: The debtor is a California corporation, incorporated in October 2001. At all times relevant to this question, the debtor was in the business of producing lumber and other wood products. The name of the debtor, as it appears on the public record of the California Secretary of State’s office, is “Chipster, Inc.” The Secretary of State’s office contains no records registering a trade name for Chipster, Inc. The “Middle Bank” Account: At all times relevant to this question, Chipster has maintained a bank deposit account at Middle Bank. Lender BANK (not Middle Bank): In October of 2008, Lender Bank and Chipster, through their authorized representatives, executed a “loan and security agreement,” promissory note in the amount of $50,000,000, and U...
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