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Corporations Keyed to Hazen
Harriet & Henderson Yarns, Inc. v. Castle
Citation:
75 F.Supp.2d 818 (W.D.Tenn.1999)Facts
The debenture notes prepared by Castle were sent to each plaintiff in November, 1995 by FLR and Lora Lee, each for a varying amount. The indenture agreement was presented to plaintiffs by their debtors as the best chance for them to recover the money owed them, and they were urged by FLR and Lora Lee to sign the debenture notes. Each plaintiff did sign and return its debenture note. The closing of the transactions occurred on December 12, 1995. Castle had received instructions from Congress regarding the execution and filing of financing statements to perfect Congress’ first lien in Star’s equipment. However, there was never any discussion among any of the parties to the transaction about preparing or filing statements in favor of plaintiffs. Plaintiffs stopped making payments and on August 16, 1996, Star filed for bankruptcy.
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