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Commercial Law Keyed to Whaley
In re Fabers, Inc.
Citation:
1972 WL 20789 (1972)Facts
Fabers, Inc. was a retail merchant selling household appliances and other merchandise. First National Bank of Hays City extended credit to Fabers and obtained a security interest in Fabers’ inventory and accounts receivable, including after-acquired property. The bank properly filed financing statements to perfect its security interest. Fabers subsequently defaulted on its loans and filed for bankruptcy. At the time of bankruptcy, Fabers had accounts receivable that had been generated from the sale of inventory in which the bank had a security interest. The issue arose as to whether the bank’s security interest extended to these accounts receivable as proceeds of the inventory, and whether this interest had priority over other creditors’ claims.
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