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Secured Transactions Keyed to Lopucki
In Matter of Strick Chex Columbus Two, LLC
Citation:542 B.R. 914 (Bankr. N.D. Ga. 2015)
Strick Chex Columbus Two, LLC field a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The debtor owns and operates a “Checkers” fast-food restaurant in Columbus under a franchise agreement with Checkers Drive-In Restaurants, Inc. On June 6, 2013, Bank of North Georgia issued a loan to the debtor in the amount of $329,941.51. In exchange, the debtor executed a promissory note in favor of the bank and granted the bank a security interest in virtually all of debtor’s personal property and the proceeds of that property. The Bank argues that its collateral is subject to depreciation and that it is entitled to either relief from the automatic stay or adequate protection.
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