4447 Associates v. First Security Financial

OPINION

ORME, Presiding Judge:

Plaintiff 4447 Associates appeals the trial court’s judgment that defendant First Security Financial, as an account debtor, is not responsible to 4447 Associates under an assignment of the account for security. We affirm in part, reverse in part, and remand.

FACTS

In December 1982, First Security Financial and Capitol Thrift and Loan entered into an asset purchase agreement, whereby First Security purchased substantially all of Capitol’s assets for $1,379,911. Under the agreement, First Security paid $200,000 to Capitol at closing, with interest payments due…