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Agile and the Defaulted Loan

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Submitted By sunnyether10
Words 351
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Agile and the Defaulted Loan
Deborah Etheredge
Everest University

Agile signed a statement when he borrowed one million dollars from Hi Finance Company (HFC) which described the collateral (inventory and proceeds) that he wanted to use to secure the loan. Then the finance company filed the statement with the appropriate state office. Agile also used the same collateral to borrow fifty thousand dollars from the Metro Bank and they too filed their financing statement. After Agile defaulted on the loan they claimed they knew nothing about Hi Finance Company’s interest to the collateral. Who has priority to the collateral between these two parties?
For a creditor to have an enforceable security interest there are requirements that has to be meet. One requirement is that the creditor must be in possession of the collateral or there must be an agreement describing the collateral and signed by the debtor. The debtor must be given value from the secured party which is usually in the form of a direct loan or a commitment to sell goods on credit. Now it is up to the creditor to attach their rights to the collateral. This means that once the agreement is signed the creditor must file this document called a financing statement with the appropriate state or local official. This process is called perfection and can be used to protect their interest in the collateral from any other third party. This financial statement if filled correctly is good for five years and can be renewed six months before the statement is set to expire. This can be done in the same manner for a very long time.
In my honest opinion I believe that the Hi Finance Company has priority to the collateral. Agile went into the agreement with them and the company and the agreement was filled with the appropriate state or local officials. Once this agreement is filled and their security interest is attached…...

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