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JUDICIAL FORECLOSURE OF SECURITY INTEREST
9. On March 18, 1987 Defendant Motion, Inc.
duly executed a security agreement to secure the
payment of every debt, liability and obligation
of every type and description which Motion, Inc.
may incur to Plaintiff. The security agreement
granted Plaintiff a security interest in all
inventory, accounts and other rights to payment.
A copy of this agreement is attached as Exhibit
"D" and incorporated by reference the same as if
fully copied and set forth at length.
10. As reflected above, the Defendant
Motion, Inc. is indebted to the Plaintiff in the
sum of $886,026.00. The Plaintiff has requested
that the Defendant pay the amount owed but the
Defendant has failed and
refused and still fails and
refuses to pay the Plaintiff.
11. By reason of these defaults, and in
accordance with the terms of the security
agreement, Plaintiff has made demand upon the
Defendant Motion, Inc. for the payments of the
amounts due and has notified the Defendant
Motion, Inc. of the debt being due.
12. On September 30, 1985, Plaintiff
perfected a security interest by filing a
financing statement in due form with the
Secretary of State, Travis County, Texas.
13. Plaintiff, by virtue of the security
agreement, is entitled to have the security
interest foreclosed, to have a sale directed, and
to have the proceeds applied to satisfy the debt
owing to Plaintiff by Defendant Motion, Inc.
14. The Defendant Tarrant Bank has filed a
financing statement claiming a security interest
inferior to the security interest of Plaintiff.
Plaintiff on information and belief alleges that
the proceeds from the sale of inventory of
Defendant Motion, Inc. subject to the superior
security interest of Plaintiff have been and may
be in the future paid to Tarrant Bank. These
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