Blue Bank Agreed to Give Clarice an Operating Line of Credit

Blue Bank agreed to give Clarice an operating line of credit. Clarice gave Blue Bank a security interest in all the present and future assets of her home renovation business which she carries on in Thunder Bay, Ontario to secure her obligations under the line of credit. The security agreement says nothing about Clarice's right to sell her assets. The Bank has registered its security interest under the Ontario Personal Property Security Act. Clarice can sell any of her assets without the consent of the Bank.