Seaboard Fin. Co. v. Fed. Leasing Co.

In September 1964, plaintiff-appellant Seaboard Finance Company brought this action against Federal Leasing Company, defendant-respondent, to recover an alleged indebtedness of some $120,000. Plaintiff filed a declaration for attachment in which it stated that defendant’s indebtedness had been originally secured, but then asserted that “said security has without any act of plaintiff become valueless and no other security exists.” The clerk issued a writ of attachment directed against all of defendant’s assets not exempt from execution, and pursuant thereto levy was made. In due course defendant made a motion to dissolve and discharge the writ of attachment upon the ground that plaintiff had security for the indebtedness sued upon, which security was held by plaintiff under a general pledge agreement. Plaintiff filed counteraffidavits and points and authorities in opposition to defendant’s motion. Thereupon a trial was had upon the issues thus framed. Both oral and documentary evidence was received at the trial. The court signed and filed a formal order dissolving and discharging the writ of attachment. The court specifically based its order upon a finding that plaintiff was in…