Commercial Law Keyed to Lopucki
National Bank of Alaska v. Erickson (In re Seaway Express Corp.)
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Appellant provided a line of credit to Seaway Express Corp. in exchange for a security interest in all of its inventory and accounts receivable including any proceeds from the sale of either. Seaway promised not to dispose of any of its secured assets without Appellant’s permission. Anchorage Fairbanks Freight Service, Inc., (AFFS), owed Seaway in excess of $1 million. Appellant has a perfected security interest in this account. Seaway sold the AFFS account back to AFFS in exchange for a parcel of land, (the Auburn property), without authorization from Appellant. After the transfer was completed, Appellant sought to perfect its interest in the property by requesting Seaway record a deed of trust on the property in its favor. Seaway refused. Seaway then declared bankruptcy and Erickson was appointed the bankruptcy trustee. NBC claims it has a priority interest in the proceeds of the sale of the Auburn property as proceeds form the sale of the AFFS account.
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