discussion

two questions, both have to be in apa format and at least 200 words.

   When Friendly Bank loaned Bonnie Bizperson $50,000 for her  business start-up loan, Bonnie Bizperson signed a note for repayment of  the loan and signed a security agreement giving Friendly Bank a security  interest in "all fixtures, equipment, goods, accounts and general  intangibles" of her business. Bonnie Bizperson still has possession and  control over the collateral, which she uses in her business. Fred  Forgetful, an employee of Friendly Bank, prepared the UCC-1 financing  statement form, but forgot to file it in the appropriate government  office.  

Does Friendly Bank have a perfected security interest in the  collateral? Why or why not? If Bonnie Bizperson later files for  bankruptcy protection, what impact may the failure to file the financing  statement have on how much Friendly Bank receives in payment from  Bonnie Bizperson's bankruptcy estate? Give reasons for your answers.

 If a note does not state a definite time when the payment is due, is the note negotiable? Give reasons for your answer.