Describe the position of the bank in the arrangement, Business Law and Ethics

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Describe the position of the bank in the arrangement

Problem: Floyd has started a new business¸ Floyd's Furniture Ltd.¸ and has opened up a line of credit for $15¸000 with BigCity Bank. In order to get the loan¸ Floyd was required to give the bank a security interest in his Guaranteed Investment Certificates (GICs) that are with the same bank. Which statement best describes the position of the bank in this arrangement?

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Business Law and Ethics: Describe the position of the bank in the arrangement

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