23. As security for a loan, Merchant conveys to Lender a sec…

23. As security for a loan, Merchant conveys to Lender a security interest in his “inventory and stock on hand” at a designated location.  The Merchant has signed the security agreement and the financing statement. After the date of the security agreement, the Merchant realized the agreement did not have an “after-acquired property” clause.  Does such description of the items under the security agreement confer upon the Lender a security interest?     

6. A car dealership decides to repaint its buildings for the…

6. A car dealership decides to repaint its buildings for the first time in five years. Because it does not do this very often, it mistakenly ends up buying about twice as much paint as it needs for the job.  The car dealership then decides to sell the excess paint to a furniture warehouse down the street.   Which of the following statements is most accurate based on these facts?