Blue Bank Agreed to Give Clarice an Operating Line of Credit

question 39

True/False

Blue Bank agreed to give Clarice an operating line of credit. Clarice gave Blue Bank a security interest in all the present and future assets of her home renovation business which she carries on in Thunder Bay, Ontario to secure her obligations under the line of credit. The security agreement says nothing about Clarice's right to sell her assets. The Bank has registered its security interest under the Ontario Personal Property Security Act. Clarice can sell any of her assets without the consent of the Bank.

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Definitions:

Percent

A mathematical term describing a part or fraction of a hundred, commonly used to express proportions, ratios, or comparisons.

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Areas within the brain, such as the amygdala and prefrontal cortex, that are primarily responsible for processing and regulating emotions.