Problem regarding equipment and inventory


Question: Max signs a document authorizing a credit check and another document authorizing Angels to file a financing statement in "equipment and inventory." Angel's files a financing statement under Max Teller's name on his driver's license in "all equipment and inventory" on July 16, 2018. On July 17, 2018, the loan officer sends Max an email stating, "Max, I'm glad we could reach a deal. We will be conducting a search of the collateral you offered. To confirm, the collateral is your equipment, your vintage show cars, your automobile inventory, and your commercial tort claims." At the same time, Max was seeking another cash infusion from Harley Savings

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Accounting Basics: Problem regarding equipment and inventory
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