Heights v. Citizens National Bank

OPINION OF THE COURT

MANDERINO, Justice.

On March 15, 1962, appellee, Citizens National Bank (hereinafter referred to as “Citizens”) and Green Hills Lumber Co. (hereinafter referred to as “Green Hills”), duly executed an agreement in which Citizens agreed to advance the sum of $60,000 on a term basis and additional sums, not to exceed $60,000, on a revolving credit basis. Under the terms of the agreement, Green Hills granted Citizens a security interest in (1) all of its present and after acquired accounts receivable and proceeds arising therefrom; (2) all of its present and after acquired…