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Secured Transactions Keyed to Lopucki
Uni Imports, Inc. v. Exchange National Bank of Chicago
Citation:978 F.2d 984 (7th Cir. 1991)
On August 12, 1987, Exchange National Bank and Aparacor, Inc. executed a security agreement, which granted Exchange a security interest in Aparacor’s assets at Exchange. The two executed a note due, which incorporated the security agreement and established a revolving line of credit of up to $7.2 million for Aparacor. After the note expired, Exchange continued to make advances of funds. On November, 1988, UNI obtained a $66,000 judgment against Aparacor. UNI registered the judgment. On January 12, 1989, UNI tried to enforce the judgment against Aparacor’s assets at Exchange by delivering a writ of execution. The marshals service served the write on Exchange, but Exchange refused to turn over any of Aparacor’s assets, contending that it had priority status. Exchange continued to advance money to Aparacor.
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