(Download) "Grain Merchants of Indiana Inc. v. Union Bank and Savings Co." by United States Court of Appeals for the Seventh Circuit ~ Book PDF Kindle ePub Free
eBook details
- Title: Grain Merchants of Indiana Inc. v. Union Bank and Savings Co.
- Author : United States Court of Appeals for the Seventh Circuit
- Release Date : January 13, 1969
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 81 KB
Description
In September 1965, Grain Merchants of Indiana, Inc. commenced its business of buying and selling grain and feed ingredients. On the 17th of that month, Grain Merchants entered into a security agreement with Union Bank and Savings Company of Bellevue, Ohio. Pursuant to Section 9-302 of the Uniform Commercial Code (5 Burns Ind.Stats.Ann., Title 19, § 19-9-302), appropriate financing statements were filed in the office of the Indiana Secretary of State and of the Allen County, Indiana, Recorder that same month. The security agreement granted the Bank a security interest in all of Grain Merchants accounts receivable "now or hereafter received by or belonging to Borrower [Grain Merchants] for goods sold by it or for services rendered by it." This security interest was to secure loans to be made by the Bank to Grain Merchants, but the loans were not to exceed 60 per cent of the total of said accounts receivable which were not more than 60 days old.