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Accordingly, XYZ paid ABC for the bulldozer and took delivery on April 12. On April 18, Bank filed a financing statement covering the bulldozers.
Accordingly, XYZ paid ABC for the bulldozer and took delivery on April 12. On April 18, Bank filed a financing statement covering the bulldozers. When ABC defaulted to Bank in repayment of the loan, and Bank attempted to repossess its collateral, Bank learned of the sale of the bulldozer to XYZ. Bank then demanded that XYZ turn over the bulldozer unless XYZ paid off the remaining $400,000 balance of ABCs loan. Is Bank acting within its rights? Why or why not? How could XYZ have protected itself against the risk posed by this transaction?
