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Bank loans
Swiss bank lends Y Corp. a Michigan car manufacturer, $50,000,000. Y Corp. signs a security agreement giving Swiss Bank a security interest in all its equipment, including after acquired property. Swiss Bank filed a financing statement with the Michigan Secretary of State just prior to wiring the funds to Y Corp. Y Corp. breached a covenant of the loan agreement and is in default. Swiss Bank calls the loan, but Y Corp. doesn't have sufficient funds to pay it off. Swiss Bank moves to attach Y Corp's equipment, including two car door-assembly machines that Y Corp. ordered from Door Corp. These machines are just about to be completed and Swiss Bank thinks they will be easier to sell as they are new.
Can Swiss Bank get the two machines? |
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