GAC Credit Corp. v. Small Business Administration

DECLARATORY JUDGMENT: FINDINGS OF FACT AND CONCLUSIONS OF LAW

HUNTER, District Judge.

This is an action brought pursuant to the provisions of 28 U.S.C. § 2201 for declaratory judgment to determine the priority of certain security interests claimed by the plaintiff, GAC Credit Corporation, and the defendant, Small Business Administration, in the inventory of a debtor, Alberts Appliance Company. Jurisdiction is founded upon the provisions of 15 U.S.C. § 634(b) (1).

On September 23, 1968, the American National Bank of St. Joseph, Missouri, loaned to the debtor the sum of $300,000 for the purpose of…