Commercial Law Keyed to Lopucki
In re Ace Lumber Supply, Inc
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Ace Lumber Supply, Inc. purchased products from Plaintiff during the operation of its supply business. By April of 1988 there was an outstanding debt of $160,000. The parties had a series of conversations that culminated in an oral agreement that the delinquent account and current purchases would be secured by Ace Lumber Supply’s inventory, account’s receivable, and equipment. The only writing to evidence that agreement was a U.C.C.-1 financing statement signed by representatives of both parties and filed. The trustee contends that the financing statement does not satisfy the writing requirements of UC.C. Section:9-203(b).
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