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Question: Creating a Security Interest. In 2002, Michael Sabol, doing business in the recording industry as Sound Farm Productions, applied to Morton Community Bank in Bloomington, Illinois, for a $58,000 loan to expand his business. Besides the loan application, Sabol signed a promissory note that referred to the bank's rights in "any collateral." Sabol also signed a letter that stated, "the undersigned does hereby authorize Morton Community Bank to execute, file and record all financing statements, amendments, termination statements and all other statements authorized by Article 9 of the Illinois Uniform Commercial Code, as to any security interest." Sabol did not sign any other documents, including the financing statement, which contained a description of the collateral. Less than three years later, without having repaid the loan, Sabol filed a petition in a federal bankruptcy court to declare bankruptcy. The bank claimed a security interest in Sabol's sound equipment. What are the elements of an enforceable security interest? What are the requirements of each of those elements? Does the bank have a valid security interest in this case? Explain.
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This question involves reading the following passage, choosing one side of the debate, and then defending your choice by providing your rationale. Read the following passage and then decide who is at fault: the company or the employee.
For purposes of compensation, an actuary working for a lawyer estimates the annual earnings of a September 11 victim that died at the Twin Towers at age 32. The victim was making $95,000 a year and a stream of payments for that amount would have l..
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In this case, it was clear that the agent had committed a crime but the acts were not within the scope of employment because he had been expressly forbidden to continue the boycott. What was the result on appeal? Explain.
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