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any other indebtedness or liability of the debtor to the secured party
direct or indirect, absolute or contingent, due or to become due, now
existing or hereafter arising, including all future advances or loans which
may be made at the option of the secured party.
Tamsett failed to file a financing statement or the executed agreement
with the appropriate government office. C&H subsequently paid off the
original debt, and S&D continued to extend new credit to C&H. Two
years later, when C&H owed S&D more than $17,000, S&D learned that
(1) C&H was insolvent, (2) the Mack truck had been sold, and (3)
Tamsett had failed to file the security agreement. Does S&D have a
security interest in the Mack truck? Is Tamsett liable to S&D? S&D
Petroleum Company, Inc. v. Tamsett, 144 A.D.2d 849, 534 N.Y.S.2d
800, Web 1988 N.Y.App. Div. Lexis 11258 (Supreme Court of New
York)
27.2 Priority of Security Agreements World Wide Tracers, Inc. (World
Wide), sold certain of its assets and properties, including equipment,
furniture, uniforms, accounts receivable, and contract rights, to
Metropolitan Protection, Inc. (Metropolitan). To secure payment of the
purchase price, Metropolitan executed a security agreement and
financing statement in favor of World Wide. The agreement, which was
filed with the Minnesota secretary of state, stated that “all of the
property listed on Exhibit A (equipment, furniture, and fixtures) together
with any property of the debtor acquired after” the agreement was
executed was collateral.
One and one-half years later, State Bank (Bank) loaned money to
Metropolitan, which executed a security agreement and financing
statement in favor of Bank. Bank filed the financing statement with the
Minnesota secretary of state’s office one month later. The financing
statement contained the following language describing the collateral:
“All accounts receivable and contract rights owned or hereafter acquired.
All equipment now owned and hereafter acquired, including but not
limited to, office furniture and uniforms.”