You represent October National Bank. ONB lent $1 million to Beaver Manufacturing, a local concern that produces and services commercial pumping equipment. The loan documents included a security agreement and financing statement, both of which describe the collateral as "equipment, inventory, accounts, chattel paper, general intangibles, fixtures, money, and bank accounts." You estimate the total value of all collateral at about $750,000. One of Beaver's assets is a bank account at Gargantuan Bank and Trust that contains $85,097. Does ONB have a security interest in the account? UCC §§9‐102(a)(29) and (64), 9‐109(d)(13), and 9‐203(a) and (b); Comment 16 to UCC §9‐109.

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Analysis of ONBs Security Interest in Beavers Gargantuan Bank Account Potentially October National Bank ONB may have a security interest in Beaver Man... View the full answer