(DOWNLOAD) "Financial Security Services Inc. v. Phase I Electronics of West Texas Inc." by Texas Court of Appeals * Book PDF Kindle ePub Free
eBook details
- Title: Financial Security Services Inc. v. Phase I Electronics of West Texas Inc.
- Author : Texas Court of Appeals
- Release Date : January 12, 1999
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 79 KB
Description
In challenging a judgment in favor of appellee Phase I Electronics of West Texas, Inc. (Phase I), appellant Financial Security Services, Inc. (FSS) presents seven issues which, it contends, show errors requiring reversal committed by the trial court. For reasons we later state, we reverse the judgment of the trial court and render judgment that Phase I take nothing on its usury claim against FSS and that FSS take nothing on its claim seeking an award of attorney fees. FSS specializes in providing financial and other services to the security and alarm industry. Jim Alexander and his son Karlen founded Phase I in 1993 to provide alarm services. In March 1994, Phase I and FSS executed a set of agreements. Included in those agreements were a loan and security agreement, a promissory note, a contingent payment agreement, and a billing and collection services agreement. The general nature of the relationship of the parties was that Phase I would enter into contracts with its customers to provide alarm monitoring services. The contracts were presented to FSS and, while they were not actually assigned to FSS, on contracts upon which FSS made cash advances, Phase I would assign a security interest in favor of FSS as collateral to secure those cash advances. For a separate fee, FSS provided billing and collection services to Phase I. In instances in which FSS was providing those services, Phase I agreed not to bill or collect itself. FSS would take the payments made from Phase I's customers, deposit them in a collateral account, and apply them first to the cost of monitoring the alarms by a third party; second, to FSS's own billing and collection fees; third, to interest on the promissory note from Phase I; and finally, on principal owed on that note.
 "Financial Security Services Inc. v. Phase I Electronics of West Texas Inc." by Texas Court of Appeals * Book PDF Kindle ePub Free){kind=link}