Wall Inc. is an importer of cricket bats operating in Toronto. It borrowed $500,000 from BMO Bank and, in a written agreement, gave BMO Bank a securitv interest in its inventory. BMO Bank filed a financing statement to register its security interest for two years in December 2017. BMO Bank's registration expired in December 2019. In May 2020, as a result of a downturn in business, due to the COVID-19 pandemic, Wall Inc. becomes bankrupt. A trustee in bankruptcy is appointed to administer the estate of Wall Inc. 

What is the status of BMO Bank in the bankruptcy and how will that impact the likelihood of BMO being repaid? What should they have done to protect their position

Answer rating: 100% (QA)

Status of BMO Bank in the bankruptcy BMO Banks security interest will be considered perfected if it ... View the full answer