B LAW403 Lecture 3: BLAW 403 - January 15th

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Saulnier was a fisherman and got a gsa with the bank. Creditor doesn"t have to identify specific collateral due to the gsa. Trustee and receiver in bankruptcy state that they will sell his fishing licenses to cover the debts. He stated that this was not allowed. Appeal was denied since the fishing license is the gateway to his profits and his other marine assets are contingent on him getting a license. He can harvest the fish and therefore sell them, so this means that he is commercially profiting from the license. It is a property right and the creditors can therefore; seize the licenses as collateral even though it is regulated. Someone is willing to buy it, so it has value and it has commercial value. It is worth money it is okay in the ppsa. Someone is willing to buy it, so value exists!

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