Union National Bank of Chandler v. Bancfirst (Seminole)

HODGES, Chief Justice.

Webb Metals was incorporated with Robert and Denise Webb as the officers, directors and shareholders. On March 5,1985, Webb Metals executed a security agreement in its accounts receivable in favor of First National Bank of Seminole. First perfected its interest in Webb Metals’ accounts receivable on August 9, 1985.

Webb Metals began experiencing financial problems and defaulted on bonds held by, among others, appellant Bancfirst (First), formerly First National Bank of Seminole, and appellee Union National Bank of Chandler (Union). The bondholders met and agreed on a plan…