ITT Commercial Finance Corp. v. Tech Power, Inc.

Opinion

VOGEL (C. S.), P. J.

Appellant and third party claimant Everex Systems, Inc., appeals from the trial court’s conclusion that Everex did not hold a security interest in the deposit account of its debtor, Tech Power, Inc. As a result of the ruling, Everex’s claims were deemed subordinate to the those of plaintiff and respondent ITT Commercial Finance Corporation, a judgment creditor of Tech Power. At issue is whether the holder of a perfected security interest in the inventory of a debtor holds a security interest in the proceeds from the sale of that inventory when they have been…