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Textron Financial Corp. v. Unique Marine, Inc.
United States District Court for the Southern District of Florida
2008 WL 4716965 (2008)
Textron Financial Corp. (Textron) (plaintiff) and Unique Marine, Inc. (UM) (defendant) had a credit agreement under which Textron financed boats and boating equipment sold by UM. Under the credit agreement, Textron paid for UM’s inventory up front, and as UM sold each item of inventory to a customer, UM was required to pay Textron. After an inspection, Textron discovered that UM had sold six items of inventory totaling over $270,000 in value without reporting to or paying Textron as required under the credit agreement. If UM defaulted or breached the credit agreement, Textron was entitled to accelerate the entirety of UM’s unpaid debt. Textron accordingly demanded UM’s unpaid balance, or over $3.5 million. UM’s debt was secured by UM’s inventory of boats and boating equipment valued at about $3.1 million (the collateral). Textron sued UM in Florida district court, requesting ex parte prejudgment writs of replevin and related emergency break orders and a temporary restraining order to recover the collateral. Textron complied with Florida state law in requesting the writs, filed a verified complaint, provided an itemized listing of claimed property, and agreed to post a $6.3 million bond to support Textron’s requests. The matter came before a magistrate judge for recommendation.
Rule of Law
Holding and Reasoning (Simonton, J.)
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