Sedgewick arranged for an open-end construction loan from, Financial Management

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Sedgewick arranged for an open-end construction loan from

Sedgewick arranged for an open-end construction loan from the Second National Bank not to exceed $50,000. The loan was closed and Sedgewick drew $30,000 initially. Three months later he drew the remaining $20,000.

What is the bank's position concerning the possibility of intervening liens?

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Financial Management: Sedgewick arranged for an open-end construction loan from

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Financial Management: Sedgewick arranged for an open-end construction loan from

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