In Fordyce Bank and Trust v. Bean Timberland, the bank lent Bean money to buy timber from landowners. Bean gave the bank security interests in the timber, which he sold to lumber companies that milled the logs into lumber. When Bean defaulted on the loan, the bank tried to collect from the lumber companies because it had a secured interest in the timber. The courts held that the bank:
a. collects nothing from the banks because it failed to attach its interest
b. collect the unpaid balance of the loan from the timber companies, depending on how much secured timber they bought from Bean
c. collect the unpaid balance of the loan from the timber companies, which are each jointly and severally responsible under UCC 4-320, which sets strict standards for security interests
d. collect the unpaid balance of the loan from the timber companies only if it can show that the companies had been notified by the bank each time they accepted timber from Bean
e. none of the other choices
Question 2
A territorial restrictions, such as Pepsi telling its bottlers where they can sell and deliver Pepsi, is per se illegal under the Clayton Act.
a. True
b. False
Indicate whether the statement is true or false
Castor bean and plant
Bank reconciliation form.
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