Attachment to issue against the new equipment

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Reference no: EM13985832

On May 1, Lincoln lends Donaldson $250,000 and receives from Donaldson his agreement to pay this amount in two years. Lincoln takes a security interest in the machinery and equipment in Donaldson's factory. A proper finance statement is filed with respect to the security agreement. On August 1, at Lincoln's request, Donaldson executes an addendum to the security agreement giving Lincoln an interest in after-acquired machinery and equipment in Donaldson's factory. A second financing statement covering the addendum is filed. In September. Donaldson acquires $50,000 worth of new equipment from Thompson, which Donaldson installs in his factory. In December, Carter, a judgment creditor of Donaldson, causes an attachment to issue against the new equipment. What are the rights of Lincoln, Donaldson, Carter, and Thompson?

Reference no: EM13985832

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