- 9 - 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. ThesePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011