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Commercial Law Keyed to Lopucki
Worthen Bank & Trust Co., N.A. v. Hilyard Drilling Co. (In re Hilyard Drilling Co.)
Facts
Hilyard Drilling Co., (Hilyard), granted the National Bank of Commerce of El Dorado, (NBC), a security interest in all existing and future accounts receivable. NBC perfected this interest on April 26, 1979 by filing appropriate financing statements. Hilyard then granted Worthen Bank & Trust Co., (Worthen), a junior lien on the same accounts receivable. No documents stated that the security interest was subordinate to that of NBC; however, Worthen did acknowledge its junior status in two letters to Hilyard. On July 8, 1983 NBC filed a new financing statement giving notice of its security interest in the accounts receivable in connection with the reworking of Hilyard’s loans. Hilyard filed for Chapter 11 bankruptcy and Worthen filed a motion with the bankruptcy court for the determination of the priority of the security interests in Hilyard’s accounts receivable. The bankruptcy court held that Worthen’s security interest was first in priority.
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