Part A
In response to your request for an official search for financing statements filed against Steves Surfboards, Inc., the Delaware Secretary of States office has disclosed the following:
(i) a financing statement filed by Cowabunga Finance, LLC, that identifies the debtor as Steves Surfboards, Inc., lists the debtor s address as 100 Ocean Drive, Huntington Beach, CA 90266, and describes the collateral as CNC shaping machines together with all accounts receivable, deposit accounts, chattel paper, and payment y to intangibles arising from or resulting from such machines; and
(ii) a financing statement filed by Awesome Lending, LLC, that identifies the debtor as Steve s SurfNboards, Inc., lists the debtors address as 600 Ocean Drive, Manhattan Beach, CA 90266, and describes the collateral as all accounts, inventory; deposit accounts, and equipment.
Prepare a memorandum that, for each disclosed financing statement, analyzes: (i) whether it presents a problem; and (ii) if it does present a problem, whether that problem is major or minor, and why. Include in your memorandum a not less recommendation to your client as to whether and how to deal with each of these loan financing statements.