Extensive estate in the ritziest suburb of chicago

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Reference no: EM133599317

Question

Essie Cashmore lives in a large mansion on an extensive estate in the ritziest suburb of Chicago. For many years now she has considered herself a patron of up-and-coming young artists and bought many of their earlier works, which she has proudly displayed throughout her mansion. In particular she owns six paintings done by the artist Graffito when he was still a young man. These paintings, which Essie acquired for very little when Graffito was still an unknown, are now worth conservatively at least $250,000 each and a couple quite a bit more than that. Essie finds herself temporarily in need of funds. She contacts Discreet Financial Services, a firm that is in the business of lending to high-end clients only. A manager from the firm comes to her estate. It is agreed that the firm will lend Essie $500,000 if the firm can take a security interest in a particular one of the Grafitto works, that which the manager appraises as the most valuable. A security agreement is to be drawn up.

Unfortunately, each of Essie's six paintings by Graffito is titled simply "Untitled" and nothing more. Essie, as you can imagine, is not prepared to sign a security agreement describing the collateral as "all of the Debtor's artwork" or even "all of the Debtor's artwork created by the artist Graffito." The manager for DFS is not willing to grant the loan based on a security interest in "one of Debtor's artworks created by the artist Graffito," as you should be able to appreciate. Can you help them out? How might they go about describing in the written security agreement the one painting, and only that painting, which they have already agreed will be the collateral so there is no possibility of confusion later on? What further facts would you want to know?

Reference no: EM133599317

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