Briggs v. Thompson

This is an action for conversion. Plaintiff loaned money to a corporation, Gold Medal. In return he was given a note and granted a security interest in office equipment and other collateral by one Ashton, the president of Gold Medal. Defendant owned the building occupied by Gold Medal, although the premises were leased to a predecessor corporation, Patio Magic. Gold Medal failed to repay the loan and plaintiff brought an action to foreclose his security interest. Plaintiff obtained a default judgment on August 11, 1975. Meanwhile, Gold Medal had failed to make payments under the lease from…