First American Bank v. Poplar Creek, LLC

In supplemental collection proceedings, the plaintiff recovered a portion of a judgment against the defendant through a settlement with a guarantor. The remaining guarantors then sought a finding that the judgment had been satisfied when the defendant assigned to plaintiff an additional security interest in a tax increment financing note. The trial court denied the petition and the guarantors appealed. The appellate court affirmed, finding that the trial court did not err in finding that plaintiff was not required to sell the TIF note under the Uniform Commercial Code or under principles of equity, that the remaining TIF note did not satisfy the judgment, and that plaintiff had discretion in applying payments and credits it received on the debt. (JOHNSON and C.A. WALKER, concurring)