Monty school receives gift of tractor

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Reference no: EM133575290

Question

To fund its operations, Monty School borrows $100,000 from Tubman Bank, agreeing to put up as collateral Monty School's "equipment that it has been using in its operations." A few months later, Monty School receives a gift of a tractor. Does the tractor become collateral?

Reference no: EM133575290

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