Spring 2013

Main

Sara marries doctor

05/01/2008

Entered Lease Agreement with Office Leasing

12/20/2008

Sara, for RMT, signed Lease Agreement
15 year lease with monthly payments of $100
Agreed to make all payments, regardless of store's longevity or satisfaction with items

Office Leasing items delivered and register is installed

01/03/2009

Items delivered: register, Dell computer, Dell printer

RMT opens Charleston location

01/03/2009

Leased building at 428 King St.
Sell jewelry, china, crystal, gifts
Repair watches and jewelry for regular customers

RMT applied for $100K loan with SunTrust

01/15/2009

SunTrust sent letter to RMT re: loan, requesting authorization to pre-file FS

1/25/09

Set proposed closing date as 4/30/09 if RMT would allow pre-filing of FS on 2/2/09 evidencing that SunTrust may have a SI in RMT's "all inventory and all existing and after-acquired equipment and deposit accounts"
SunTrust also wanted a checking account to be kept in their bank for RMT
Sara, as President of RMT, authorized the pre-filing by signing

Sara hand-delivered signed letter to SunTrust

1/30/09

Authorizing pre-filing on 2/2/09

SunTrust tendered filing fee and filed FS with Sec. of State in Columbia

2/2/09

D's Name: Raz m Taz
D's Address: 428 King Street, Charleston, SC
SP's Name & Address: SunTrust, proper local address
"Jurisdiction of Organization": N.C.

JVC financed sale of engraving machine; RMT picked mach. & signed Sales Agrmt

3/1/09

68 equal monthly payments of $150 to buy the $6,800 machine, granting JVC a SI in the engraving machine
Sales Agreement had basic acceleration clause and default clause for non-payment
Sales Agreement contained promise to pay $6,800 plus interest

RMT came back to JVC store to pick up engraving machine & took to store

3/3/09

JVC tendered filing fee, filed FS with Sec. of State; accepted on same day

3/13/09

D's Name: Raz-M-Taz
D's Address: 428 King Street, Charleston, SC
SP's Name & Address: JVC, Inc., proper local address
Collateral: "all existing and after-acquired equipment"

JVC financed sale of pearl stringing mach.; Sara, for RMT, signed Sales Agrmt

3/20/09

Sales Agreement contained promise to pay for cost of $5,000 machine plus interest over 60 months at $120/month
Pledged to JVC as collateral "the pearl stringing machine" to cover its price + interest
Allowed pearl stringing machine to "secure any and all obligations owed prior, present, or in the future to JVC" and "all collateral pledged to JVC by RMT in the past, present, or future also secure obligation with pearl stringing machine" [CROSS-COLLATERALIZATION]
Sales agreement included acceleration clause and default clause for non-payment

SunTrust ran a search under "Raz-M-Taz" and found its FS and one filed by JVC

3/30/09

Investigated JVC filing

Pearl stringing machine is delivered

3/30/09

RMT sells pearl stringing mach. to Crogen's for $6,700

4/15/09

RMT endorsed the $6,700 check from Crogen's over to JVC and sent the check to JVC

JVC applied $6,700 check to engraving machine debt (now paid in full)

4/18/09

Pear; stringing machine debt stayed on JVC's books as due and owing by RMT

RMT, by Sara, signed SA with SunTrust; SunTrust opened checking account for RMT

4/30/09

"SI in all inventory and all existing and after-acquired equipment and deposit accounts of RMT to secure all obligations owed now or in the future to SunTrust" [AAP & Future Adv.]
Checking account was where loan proceeds were deposited and served as the Charleston store's major business checking account

Sheriff levies on engraving machine and Dell computer

5/1/09

Tryon customer with NC Judgment for $6,000 to cover medical expenses transfers judgment to SC and gets a Writ of Execution to levy on the engraving machine and Dell computer (from Office Leasing)
To date, Sheriff has not sold either

RMT signed Prom.Note (SunTr); SunTrust dep'd $100K in RMT's STr checking acct

5/4/09

Prom. Note had acceleration clause and default clause for non-payment
SA had default clause for non-payment

RMT gets another loan from SunTrust ($6,000); Sara for RMT signed Prom.Note

5/10/09

$6,000 loan from SunTrust credited to SunTrust account on this day
RMT, by Sara, signed a second Promissory Note to be paid monthly. Note included acceleration clause and default clause for non-payment.

Citibank loans $28K for jewelry box purchase; RMT signs Prom.Note & SA

5/15/09

Citibank agreed to loan RMT $28,000 for purchase of 6 emerald studded jewelry boxes from Germany
RMT, by Sara, signed a Promissory Note to pay $28,000 plus interest to Citibank monthly. Note included acceleration clause and default clause for non-payment.
RMT, by Sara, signed SA granting Citibank SI in "6 German emerald-studded jewelry boxes." SA contained default clause for non-payment.

Citibank cut & mailed $28K check to German manuf.; CB sent letter to SunTrust

5/16/09

Citibank cut and mailed check to German manufacturer representing the full amount of the loan proceeds.
Citibank mailed a letter to SunTrust notifying it of the details of its loan transaction with RMT, the type of SI taken, and described the boxes in detail.

SunTrust loan officer accepted Citibank's letter

5/18/09

Citibank paid filing fee & filed perfectly complete & effective FS; accepted

5/19/09

Citibank filed FS with Sec. of State and it was accepted on same day.
Named collateral as "all existing and after-acquired property of RMT."

Jewelry boxes were delivered to RMT

6/7/09

Carolina First financed Lisa's printer purchase; Lisa signed Prom.Note&SA

6/9/09

Lisa signed Promissory Note to repay $1,000 plus interest.
Lisa signed a Security Agreement granting Carolina First as SI in the Dell printer.

RMT sold Dell printer to Lisa for personal use for $1,000

6/9/09

Carolina First sends RMT $1,000 check, representing Lisa's loan proceeds

6/9/09

Lisa picked up and took home Dell printer

6/10/09

SunTrust received Sheriff's Sale notice re: engraving machine and Dell computer

11/15/09

JVC received Sheriff's Sale notice re: engraving machine and Dell comp.

11/15/09

RMT falls 1 month behind to Citibank on its Note

12/1/09

Mrs. Richards bought 6 boxes for $54K (certified check); left with boxes

12/1/09

RMT falls 1 month behind on JVC Note

12/1/09

RMT falls 1 month behind on SunTrust to BOTH Notes

12/1/09

RMT is 3 months behind on Lisa and Sara's salaries

12/1/09

Lisa is 1 month behind on Carolina First Note

12/1/09

Sara deposited Mrs. Richards' $54K check in SunTrust checking acct

12/2/09

Check was deposited and credited in the same day

RMT sold Mrs. Smith's $20K diamond ring (held for repairs) to Chas. Museum

1/5/10

Mrs. Smith's ring was being held for repairs.
Charleston Museum paid in certified check for $20,000, payable to RMT.

Sara cashed $20K check from Chas. Museum; withdrew $30K; back wages

1/5/10

SunTrust account balance is at $18,000 from box sale

1/10/10