Business, 12.04.2021 20:50, damienlopezram

When Johnson Hardware Shop borrowed $20,000from First Bank, it used its inventory as collateral forthe loan. First Bank perfected its security interest byfiling a financing statement. The inventory was sub-sequently damaged by fire. Flanders Insurance paidJohnson Hardware $5,000 for the loss, but FirstBank claimed the proceeds of the insurance. WasFirst Bank correct? Why or why not?

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When Johnson Hardware Shop borrowed $20,000from First Bank, it used its inventory as collateral fort...