Gebbia-2011-fall-sectrans-exam

Lender bank has not filed any additional financing

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Unformatted text preview: and the correct address for Chipster. Lender Bank has not filed any additional financing statements, amendments or continuation statements. Chipster subsequently defaulted under the agreement. At that time and currently, Chipster owes Lender Bank $10,000,000. Lender Bank gave notice of default and intent to enforce its rights against the collateral. EXAM QUESTIONS -- PAGE 1 OF 5 DAVIS: In August of 2011, Davis filed a complaint against Chipster for breach of contract. In September of 2011, the court entered a judgment in favor of Davis in the amount of $1,800,000. Davis followed all processes necessary to obtain a “writ of execution” and “execute and attach” the Middle Bank ACCOUNT (“Account”). On November 1, 2011, the clerk issued a writ of execution on Middle Bank, which Davis immediately had the sheriff serve on Middle Bank. At all times since August 2011, the Account has contained $2,000,000. Question 1: Davis and Lender Bank both have demanded that Middle Bank turn the account over to them. Advise Middle Bank. Be sure to discuss who is entitled to the account, why,...
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This document was uploaded on 03/20/2014 for the course LAW 803B at Golden Gate.

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