System Soft Technologies, LLC v. Artemis Technologies, Inc.

837 N.W.2d 449 (2013)

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System Soft Technologies, LLC v. Artemis Technologies, Inc.

Michigan Court of Appeals
837 N.W.2d 449 (2013)

RW

Facts

Summit Community Bank (Summit) held a perfected security interest in the accounts receivable and other assets that Artemis Technologies, Inc. (Artemis) (defendant) used as collateral to secure a loan from Summit. Summit’s security agreement with Artemis confirmed all the rights of a secured creditor under the Uniform Commercial Code (UCC). In addition, the security agreement stipulated that Summit “shall have and may exercise” any or all other rights and remedies available to lenders. Artemis could not keep up with its loan repayments. Summit knew that Artemis could repay its debt only by remaining in business. Therefore, Summit entered into a forbearance agreement that declared Artemis in default and accelerated Artemis’s payment schedule but that also suspended Summit’s right to foreclose on Artemis’s assets. Thereafter, Artemis made timely payments on its loan balance. In the meantime, System Soft Technologies, LLC (SST) (plaintiff) obtained a trial court’s judgment against Artemis on an unrelated matter. SST attempted to execute that judgment by serving court writs to garnish Artemis’s accounts receivable. Summit moved to intervene in the case. The court granted the motion, as well as a temporary restraining order staying execution of the garnishment writs. SST appealed to the Michigan Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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