Commercial Law Keyed to Lopucki
Uni Imports, Inc. v. Exchange National Bank of Chicago
Facts
Appellant executed a security agreement with Aparacor, Inc, (Aparacor). The two executed a note that incorporated the security agreement and established a revolving line of credit of up to $7.2 million for Aparacor. Subsequently Respondent obtained a $66,000 judgment against Aparacor, which Respondent attempted to enforce against Aparacor’s assets with Appellant. Appellant, however, refused to turn over any of Aparacor’s assets claiming that it had priority status. Appellant continued to advance money to Aparacor. Respondent eventually petitioned the district court for turnover of Aparacor’s assets in the possession of Appellant. The court granted the petition.
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