Explain bank then sought possession of his entire inventory

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Q. Edward owned a retail sporting goods shop. A new ski resort was being constructed in his area also to take advantage of potential business; Edward decided to expand his operations. He borrowed a large sum from his bank, which took a security interest in his present inventory also any after-acquired inventory as collateral for loan. Bank properly perfected security interest by filing a financing statement. Edward's business was profitable, so he doubled his inventory. A year later, just a few months after ski resort had opened; an avalanche destroyed ski slope also lodge. Edward's business consequently took a turn for worse also he defaulted on his debt to bank. Bank then sought possession of his entire inventory, even though inventory was now twice as large as it had been when loan was made. Edward claimed that bank had rights to only half of his inventory. Is Edward Correct? Explain.

Reference no: EM1380376

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