On May 14, Debtor signs a contract with Manufacturer for a specific machine. On May 16, Debtor signs a security agreement and Bank advances the loan proceeds, paying them directly to Manufacturer to satisfy the purchase price. On June 10, Debtor takes delivery of the machine. That same date, Bank files its UCC-1 financing statement covering the combine. On July 12, Debtor files for bankruptcy.
Debtor is now in bankruptcy.
Debtor is now in bankruptcy. Debtor is now in bankruptcy. Debtor's inventory turns over every 30 days. Debtor is now in bankruptcy. Debtor's inventory turns over every 30 days.