Wells Fargo Bank v. Jackson Jenkins Renstrom CA1/4

I. BACKGROUND

A. The Secured Transactions 1. The Security Agreement In 2005, Jackson & Wallace, LLP, (J&W) a now defunct law firm, granted a security interest to Wells Fargo, N.A. (Bank or Wells Fargo) (Security Agreement). Pursuant to the Security Agreement, J&W transferred to Bank a security interest “in all accounts, deposit accounts, chattel paper . . . promissory notes, documents, general intangibles, payment intangibles . . . and other rights to payment (collectively called ‘Collateral’), now existing or any time hereafter, and prior to the termination hereof,

1 arising (whether they arise from the sale, lease or other disposition of inventory or from performance of contracts for service, . . . or otherwise or from any other source whatsoever), including all securities, guaranties, warranties, indemnity agreements, . . . and other agreements pertaining to the same or the property described therein, . . . together with whatever is receivable or received when any of the Collateral or proceeds thereof are sold, collected, exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary . . . . (hereinafter called ‘Proceeds’).” Pursuant to…