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Secured Transactions Keyed to Lopucki
Legacy Bank v. Fab Tech Drilling Equipment, Inc.
Citation:566 S.W.3d 922 (Tex. Ct. App. 2018)
On October 28, 2011, the debtor, Canyon Drilling Company, executed and delivered a promissory note to Legacy Bank. In exchange, Legacy extended a revolving line of credit to Canyon. They also executed a business loan agreement and a commercial security agreement grating Legacy a security interest in Canyon’s accounts receivable. The agreement was perfected. Appellees are trade creditors of Canyon. On December 13, 2012, they obtained a default judgment against Canyon for $1,661,399.45 for unpaid services appellees had provided to Canyon. Appellees filed a writ of garnishment, seeking to garnish accounts receivable owed Canyon by garnishees J. Cleo Thompson. Upon learning of appellee’s garnishment, Legacy filed a plea in intervention asserting that it held a properly perfected security interest in the garnishees’ accounts due and owing to Canyon. Despite Canyon’s initial default, Legacy continued to advance funds to Canyon. Legacy ultimately exercised its foreclosure rights against Canyon.
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