[Favi's Furniture] Favi Took Out a Loan from First Bank

question 10

Multiple Choice

[Favi's Furniture] Favi took out a loan from First Bank and executed a security agreement which gave First Bank rights to any after-acquired property as collateral. A year later, Favi took out a loan with Second Bank and executed a security agreement with Second Bank using his new delivery truck as collateral. Favi eventually defaulted on both loans.
-If Favi sells the truck, what is First Bank's best option?

• A) Seek repossession of the truck.
• B) File a financing statement within 90 days after the debtor receives the proceeds of the sale of the truck.
• C) File a financing statement within 60 days after the debtor receives the proceeds of the sale of the truck.
• D) File a financing statement within 30 days after the debtor receives the proceeds of the sale of the truck.
• E) File a financing statement within 10 days after the debtor receives the proceeds of the sale of the truck.

---

Definitions:

Knowledge Flows

The movement of information, skills, and expertise within and between organizations.

Matrix Structure

A matrix structure is an organizational configuration that combines two or more types of structures, typically combining functional and product departments in a grid-like fashion to manage complexity and foster cross-functional collaboration.

Transnational Strategy

A business strategy that involves operating in multiple countries while maintaining a unified global business approach.

Divisional Structure

An organizational framework where operations are divided based on divisional lines, such as geographical areas, products, or markets.