Items 46 through 51 are based on the following. On January…
Questions
Items 46 thrоugh 51 аre bаsed оn the fоllowing. On Jаnuary 2, Mod Interiors, a furniture retailer, contracted with Field Manufacturing Co. to purchase 150 sofas for its inventory. The purchase price was $250,000. Mod paid $50,000 cash and gave Field a note and security agreement for the balance. On March 1, the sofas were delivered. On March 10, Field filed a financing statement.On February 1, Mod negotiated a $1,000,000 line of credit with Fountain Bank, pledged its present and future inventory as security, and gave Fountain a security agreement. On February 20, Mod borrowed $100,000 from the line of credit. On March 5, Year 4, Fountain filed a financing statement.On April 1, Rumsford, a consumer purchaser in the ordinary course of business, purchased a sofa from Mod. Rumsford was aware of both security interests.All of these transactions occurred within the same calendar year.When did Field's security interest in the sofas attach?