Problem: Jimmy Buffet holds four commercial fishing licenses in Florida. In order to finance his fishing business Margarita in Paradise Fishing, Inc. ("Margarita"), he signed a General Security Agreement ("GSA") with Sun Trust Bank, as well as a guarantee for the debts of his company. The GSA gives the bank a security interest in "all...present and future acquired personal property including...intangibles...and in all proceeds and renewals". In 2016, the fishing business lost major money, so Margarita filed for bankruptcy. The bankruptcy trustee filed in court to allow the transfer of the licenses without Jimmy's signature. Jimmy claims that the fishing licenses isn't property available to the trustee under the law or to Sun Trust.
Early in 2017 Sun Trust and the Bankruptcy trustee signed an agreement to sell the four licenses and other assets to a third party for $750,000., but Jimmy refused to sing the necessary documents. My question to you is, do you think the license are property or not? Can they be considered in a Security agreement?