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Secured Transactions Keyed to Lopucki
In re Robert E. Derecktor of Rhode Island, Inc.
Citation:
150 B.R. 296 (Bankr. D.R.I. 1993)Facts
On April 13, 1979, the Port Authority loaned Derecktor $6,500,000 for the acquisition of facilities and equipment to be used in its ship building and repair business. As collateral for the loan the Port Authority retained a security interest in all of Derecktor’s then owned and after acquired furniture, fixtures, equipment, inventory, and other tangible personal property. On October, 1987, to purchase a 20,000-ton floating dry dock, Derecktor borrowed $6.5 million from Bank of New England-Old Colony. As additional collateral, Derecktor granted the bank a security interest in all of its presently owned and after acquired personal property and general intangibles. On December, 1988, Bank of New England loaned Derecktor $2,500,000 more. When Bank of New England was deemed insolvent, FDIC became its successor-in-interest, entitling it to payment under Derecktor’s obligations to Bank of New England.
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