As it had become clear that creditors and debtors were going to find ways to create enforceable de facto security interests in after-acquired property and general intangibles whether courts liked it or not, the UCC drafters in the 1940s (particularly Grant Gilmore) successfully argued that such interests should be legitimized and simplified in the form of the floating lien.
Grant Gilmore (1910 – 1982) was an American law professor who taught at Yale Law School, University of Chicago Law School, the College of Law (n/k/a Moritz College of Law) at The Ohio State University, and Vermont Law School.
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