Anders Runs a Piano Store

Essay

Anders runs a piano store. In order to finance his business, he has an operating line of credit from the New Brunswick Bank. His obligations to the Bank are secured by security interest in all of his assets, but he is permitted to sell pianos. The Bank has perfected its security interest by filing a financing statement under the New Brunswick Personal Property Security Act. Anders sells a piano to Mac. Does Mac get the piano free of the security interest that Anders has given to the Bank?