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Secured Transactions Keyed to Lopucki
RFC Capital Corporation v. EarthLink, Inc.
Citation:
55 UCC Rep. Serv. 2d 617 (Ohio App. 2004)Facts
RFC loaned $12 million to Internet Commerce & Communications, Inc. (ICC). To secure the loan, ICC granted RFC a security interest in all of ICC’s customer base. In late 2000, ICC was in financial trouble and agreed to sell the customer base to EarthLink. Cliff Bryant, EarthLink’s director of acquisitions asked if RFC knew of the proposed sale of the customer base and Hanson, ICC’s employee, assured him that RFC knew of the sale and had agreed to release the collateral. RFC drafted the Second Amendment to the Loan and Security Agreement to address the sale of the customer base. Neither ICC nor RFC informed EarthLink of the Second Amendment. Ultimately, only 25,144 former ICC customers paid EarthLink for service. Because EarthLink had paid for 40,000 customers, but only received 25,144 customers, EarthLink determined that it did not owe ICC any further payments.
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