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Secured Transactions Keyed to Lopucki
In re Commercial Money Center, Inc.
Citation:350 B.R. 465 (9th Cir. B.A.P. 2006)
In 1999 and 2000 NetBank transferred over $47 million to debtor in transactions, involving 17 pools of leases. Commercial Money Center, Inc. (debtor) leased equipment to lessees with sub-prime credit. It packaged groups of leases together and assigned its contractual rights to future lease payments to entities such as NetBank, Inc. As security for NetBank’s receipt of the lease payments and any surety bond payments, debtor granted NetBank a security interest in the underlying leases and other property. A typical lease involved 62 payments of which two had been paid at the inception, leaving 60 payments assigned by debtor to NetBank. Debtor paid surety a premium equal to approximately two percent of the total of all payments due under each lease. A sample indemnity agreement between debtor and surety obligates debtor and its principals to indemnify surety and hold it harmless against all demands, claims. loss, costs, expenses, and any liability sustained or incurred by the surety.
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