NationsBank of North Carolina, N.A. v. American Doubloon Corp.

COZORT, Judge.

Defendants Resources Planning Corporation (“RPC”) and Donald H. Parsons (“Parsons”) were guarantors on a series of loans made by plaintiff NationsBank of North Carolina, N.A. (“NationsBank”), to defendant American Doubloon Corporation (“ADC”). In consideration of these loans, on 27 July 1988, ADC entered into a security agreement with plaintiff which granted plaintiff a security interest in all of ADC’s equipment, including forty (40) Scott & Williams knitting machines.

After ADC defaulted on the loans, plaintiff instituted an action against ADC, Walter Abrams and Roger D. Good…