Morty’s Tool & Die purchases a new grinding machine with a loan from Machine Financing, Inc. (“MFI”). MFI takes the necessary steps to create a purchase money security interest in the machine.

Morty’s Tool & Die purchases a new grinding machine with a loan from Machine Financing, Inc. (“MFI”). MFI takes the necessary steps to create a purchase money security interest in the machine. MFI’s security agreement and financing statement provide that its security interest extends to all after-acquired equipment, thus creating a purchase money security interest in any such machinery.

Morty’s Tool & Die (from Question 5) sells the grinding machine and deposits the $5,000 it receives in its account at Delta Bank on September 1. After the deposit has been made, the account has $7,000 in it. Between then and September 25, the date on which MFI learns of the sale, the balance in the account ranges from $3,500 to $42,000. On September 25, the balance is $5,000, and MFI provides written notice of its interest to Delta Bank. What answer is most correct as to the maximum value of MFI’s security interest in the account? a. $0, because more than 21 days have elapsed since the sale. b. $0, because MFI did not provide timely notice to Delta Bank. c. $2,000 cl. $3,500 e. $5,000

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