These requested admissions should be used with the requests for admissions for a promissory note at form 18-10 if the creditor has a security interest in collateral to foreclose. For a general discussion of the action to foreclose a security interest, see section 14.28 in this manual. See also section 14.29 for discussion of a deficiency suit.
Tex. Bus. & Com. Code § 9.203(b)(1) requires that, for a security interest to attach, value must be given. Request number 2. should be altered as appropriate if “value” other than consideration given to the defendant is involved.
Pattern Requests for Admissions—Foreclosure of Security Interest or Deficiency Judgment
that Defendant executed the original security agreement, a copy of which is attached as Exhibit [exhibit number/letter].
Answer:
that Defendant received valuable consideration for the execution of the security agreement.
Answer:
that Plaintiff is the owner of the security interest in the collateral described in the security agreement.
Answer:
that Defendant executed the original financing statement, a copy of which is attached as Exhibit [exhibit number/letter].
Answer:
that the debt described in the security agreement has not been paid in full by Defendant.
Answer:
that on the date of the execution of the security agreement, Defendant owned the collateral described in it.
Answer:
that no other person or entity has a claim to or right to the collateral described in the security agreement.
Answer:
that no other person or entity has a lien on the collateral described in the security agreement.
Answer:
that Defendant has not performed all covenants and conditions contained in the security agreement.
Answer:
that Defendant received both notice of intent to accelerate and notice of acceleration from Plaintiff, copies of which are attached as Exhibits [exhibit numbers/letters].
Answer:
that the default referred to in the notices attached as Exhibits [exhibit numbers/letters] has not been cured or corrected by Defendant.
Answer:
that Defendant, to secure payment to Plaintiff of an obligation owed by Defendant, delivered the collateral described in the security agreement.
Answer:
that the collateral was repossessed lawfully.
Answer:
that the collateral was disposed of in a commercially reasonable manner by [public/private] sale.
Answer:
that after the disposition of the collateral and all other credits and offsets applicable to the obligation secured by the security agreement, the amount of $[amount] remains due on that obligation.
Answer:
|
Attach exhibit(s). |