THE FLOATING LIEN AND THE FEDERAL TAX LIEN

As evidenced by an article on the in general which appeared in a recent issue of The Business Lawyer,1 there is an increasing interest in this type of security device. Part of this interest is developing because of the presence of the so-called floating lien in Article 9 of the Uniform Commercial Code dealing with the creation of security interests in personal property. While the is an expression which has crept into legal literature only during the past few years, and may be somewhat inaccurate in a dictionary sense, it is one whose meaning is fairly well understood. Briefly, a is any type of security device which will attach to specific property owned by and in the possession of a debtor at a particular time and which will also attach to other property of a similar nature which the debtor may acquire in the future. Usually also the amount of debt is subject to certain fluctuations, generally related to the amount of property subject to the and usually additional and subsequent advances are contemplated. Within the definition of a would be most arrangements for the perfecting of a security interest in assigned accounts receivable where the arrangement contemplates certain accounts as of the start of the transaction and covers other