To Obtain Working Capital, Mining Company Puts Up All of Its

question 29

Multiple Choice

To obtain working capital, Mining Company puts up all of its equipment as security to borrow $100,000 from National Bank, which agrees to advance up to $100,000 more in the future. The bank properly perfects its security interest. To use the same collateral as security for a future advance, the bank must

• A)execute a new security agreement.
• B)re-perfect its security interest by possession.
• C)none of the choices.
• D)file a new financing statement.

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Definitions:

Interpretation

The process of explaining, reframing, or providing meaning to a particular piece of information, event, or work of art.

Psychoanalyst

A professional who practices psychoanalysis, a therapeutic approach developed by Freud that explores unconscious conflicts and desires influencing behavior.

Symbolically

In a manner that uses symbols or symbolic actions to represent ideas, concepts, or other abstract entities.

Humanistic

Pertaining to a psychological approach that emphasizes individual freedom, personal growth, and the intrinsic value of humans.