J.M. Smith Corp. v. Matthews

SMITH, Judge.

Defendant Matthews owned A-B Pharmacy in Asheville, North Carolina. In the course of operating A-B Pharmacy, defendant established an account to purchase pharmaceutical supplies from plaintiff. Pursuant to such account, the parties entered into a security agreement granting plaintiff a security interest in defendant’s inventory, accounts receivable, furniture, fixtures and equipment and in ah proceeds from the sale of any of the collateral named in the agreement. The security agreement further provided that it could not be modified or amended except in writing by the parties. The…