Entered into revolving credit agreement with bank

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Reference no: EM133809320

Question

Debtor, a wholesale furniture dealer, entered into a revolving credit agreement with Bank, under which Bank made advances to Debtor from time to time, which Debtor used to purchase new inventory. Debtor and Bank entered into a written security agreement, signed by Debtor, in which Debtor granted Bank a security interest in all its inventory and accounts, now owned orthereafter acquired (9-204(a)), to secure all present indebtedness and future advances (9-204(c)). On January 1, Debtor owed Bank $1 million; Bank made no further advances to Debtor. On February 1, Debtor received a shipment of inventory from Manufacturer for which Debtor paid cash. Does Bank have a security interest in the February shipment of furniture that is enforceable against Debtor under 9-203?

Reference no: EM133809320

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