Simtech Inc Needs $1 Million for Research Related to a New

question 19

True/False

Simtech Inc needs $1 million for research related to a new product it is developing.It has been discussing a loan with Toronto Bank.On January 10, the Bank files a financing statement to register a security interest in all the assets of Simtech.On January 12, Simtech borrows $20 000 from one of its shareholders, secured by a security interest in all the assets of the corporation.The shareholder files a financing statement to register its security interest on the same day.On January 15, the bank and Simtech agree that the bank will lend Simtech $1 million and Simtech agrees to give the bank a security interest in all of its assets.If Simtech defaulted on the loans to both the shareholder and the bank, the shareholder's security interest would have first priority because the shareholder advanced its money first, before the bank advanced money.

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Definitions:

Low-Carb Diet

A dietary plan that reduces carbohydrate intake in favor of proteins and fats, aimed at weight loss or health maintenance.

Paleo

Often associated with the Paleolithic diet, which is based on the presumed dietary patterns of ancient humans, emphasizing whole foods and limiting processed foods.

Unintended Consequences

Outcomes or effects that are not anticipated or intended, often as a result of an action or decision.

Acute Injuries

Injuries that occur suddenly and typically as a result of a specific impact or traumatic event, often requiring immediate medical attention.