Kingston Bank has a security interest in the equipment of Apex Manufacturing to secure a $10 000 loan that the Bank made to Apex. Apex has defaulted on one of its monthly loan payments in the amount of $1000. The security agreement provides that the whole amount of the loan is payable on demand. The Bank can seize the equipment without notice to Apex.

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The Answer of Kingston Bank has a security interest in the equipment of Apex Manufacturing to secure a $10 000 loan that the Bank made to Apex. Apex has defaulted on one of its monthly loan payments in the amount of $1000. The security agreement provides that the whole amount of the loan is payable on demand. The Bank can seize the equipment without notice to Apex.

Kingston Bank Has a Security Interest in the Equipment of Apex