Breach of the security agreement

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Reference no: EM133812642

Question

Now consider whether, and the extent to which, the presence of UCC 9-325 changes this result. With this in mind, can you think of why the drafters included UCC 9-325? Hint: Reflect on the underlying purpose served by filing in Article 9's secured credit system. Suppose the security agreement between Trout Bank and Mid-States contained this language: "It shall be a breach of the security agreement between Trout Bank and Mid-States for Mid-States to transfer to a third party any collateral that is subject to this security agreement without the advance permission of Trout Bank. Any such transfer without Trout Bank's permission shall be void." Assuming that Trout Bank did not authorize Mid-States to sell the forklift to ABC, would your analysis of the above problem be any different?

Reference no: EM133812642

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