SecretaryofState).Intheinstantcase,theFriendgavevalue($40K)andtookasecurityinterest inthecorporationsinventory,whichispermissible.Afcquiredpropertyclausesfor inventoryarepermissibleinNY.However,thedescriptioninthesecurityagreementmust adequaydescribethepropertyandcannotbesupergeneric.Againafcquiredclausesare nottoogene...
2. DOCUMENTS RELATING TO AUTHORITY, ETC.: Silicon shall have received each of the following in form and substance satisfactory to it: (a) Certified Copies of the Articles of Incorporation and Bylaws of the Borrower; (b) A Certificate of Good Standing issued by the Secretary of State of the...