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funds paid constitute proceeds in which Plaintiff
holds a valid superior security interest.
Therefore, all proceeds on or after August 14,
1989 received by Tarrant Bank are due and owing
to the Plaintiff. The Plaintiff has demanded
that the Tarrant Bank pay all proceeds from the
sale of inventory to the Plaintiff. The
Defendant Tarrant Bank has failed and refused
and still fails and refuses to pay Plaintiff.
Neither petitioner nor Motion, Inc., entered an
appearance when Colonial Bank's suit was called for trial
in the State court. On October 24, 1989, the State court
entered the following default judgment against petitioner
and Motion, Inc.:
IT IS THEREFORE ORDERED, ADJUDGED AND
DECREED that judgment by default is hereby
rendered against Defendants, R.H. Bradshaw
and Motion, Inc., in the total amount of
$887,026.00 plus all costs of court herein
expended and post-judgment interest at the
rate of 10% per annum until paid and Plain-
tiff's security interest in Defendant Motion,
Inc.'s inventory, accounts, and rights to
payment is deemed perfected, valid and of full
force and effect for which execution may issue.
In 1994, petitioner pled guilty in the U.S. District
Court for the Northern District of Texas to violating two
counts of 18 U.S.C. sec. 1344. The version of 18 U.S.C.
sec. 1344 that was in effect at the time petitioner
deposited the worthless checks provided as follows:
Whoever knowingly executes, or attempts to
execute, a scheme or artifice--
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