Theo H. Davies & Co. v. Pacific Development Co.

On motion for preliminary injunction:

I. Facts

Plaintiff sold defendant Pacific Development Co. five pieces of heavy machinery for about $300,000. The machinery was to have been used at a facility defendant planned to operate in Western Samoa. Under the terms of a retail installment agreement, defendant paid an initial sum of $80,000 and was to complete payment of the remainder plus interest with eighteen subsequent installments. The debt was secured by an agreement identifying as collateral two used pieces of machinery owned by defendant and "all other assets.of Debtor." (Oddly enough, the…