Question: C H Trucking Inc C H borrowed 19 747 56 from
C& H Trucking, Inc. (C& H) borrowed $ 19,747.56 from S& D Petroleum Company, Inc. (S& D). S& D hired Clifton M. Tamsett to prepare a security agreement naming C& H as the debtor and giving S& D a security interest in a new Mack truck. The security agreement prepared by Tamsett declared that the collateral also secured 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, 1988 N. Y. App. Div. Lexis 11258 (Supreme Court of New York)
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