Project 7.1A Submission Project 7.1As purpose is to help you develop insight into Secured Transactions. Your posts must remain on this topic. Off-topic posts cannot receive points. Answer the following questions: Facts: When it came time to stock up Bob's supply business, he was short of funds. He approached Cameron Lenders (CL) for a loan of $5,000 for supplies (inventory) some of which he stores in his two trucks and the remainder in a small storage area. CL was glad to loan him the money but insisted it obtain a lien against the inventory. Both agree in writing and sign. Q1: Does CL have a security interest? Explain. In your answer, include the definition of a "security interest" and how that definition applies to Bob. Q2: It is possible Bob could borrow from another lender and place the inventory as collateral a second time or more. Would CL want to inform others it has an interest in the inventory to protect its claim (lien) against the inventory should Bob fail to pay the loan? Describe the best practice for CL to "tell the world" it has a security interest in Bob's inventory. Q3: When Bob sells the inventory, what happens to the lien: Does it merely disappear? or, Do Bob's consumers when buying the items have to pay the lien against Bob's inventory? or, Does the lien re-attach to other inventory? Explain and describe this type of lien For each of the three questions, quote and cite the UCC provisions which apply (do NOT cite your textbook). (Start with the textbook as it will guide your search, but research the UCC itself). NO POINTS for this Category will be awarded without the appropriate, supporting quote(s). CAUTION: Your posts must remain on-topic for full points. If your post(s) discuss matters not directly related to "Secured Transactions." your post(s) will NOT score points. (The phrase qualitatively graded means that a review of the students work will emphasize the ability to analyze facts, generate and organize ideas, defend opinions, make comparisons, draw inferences, evaluate arguments (read the questions accurately) and solve problems. Thus, to score points in projects that will be qualitatively graded, your posts must interpret, analyze, and evaluate the projects purpose and questions. It must through proper resources explain the evidential, conceptual, and contextual considerations upon which your judgment is based). Deadline: All Posts by 10:00 PM, Friday