Caleb offers "all dirt bikes currently owned and hereinafter acquired" as collateral to purchase a building for his dirt bike repair shop. This is an example of a

Question

Quizplus · Accepted Answer

A floating lien is a type of security interest or lien that can change in quantity and value over time. In this case, Caleb's offer of "all dirt bikes currently owned and hereinafter acquired" as collateral fits the definition of a floating lien because it covers both current and future assets.

Caleb Offers "All Dirt Bikes Currently Owned and Hereinafter Acquired