United States District Court, E.D. California
TCF INVENTORY FINANCE, INC. Plaintiff,
MARKER OIL COMPANY, INC. and BILLY LEON MARKER, JR.
TEMPORARY RESTRAINING ORDER
application of Plaintiff TCF Inventory Finance, Inc.
("TCFIF") for temporary restraining order and
preliminary injunction having been considered by this Court,
this Court GRANTS the Motion for temporary restraining order
on allegations made by TCFIF in the Verified Complaint,,
Defendant Marker Oil Company, Inc. ("Borrower") is
in default of its obligations under the Security Agreement
described in and attached to the Verified Complaint. As of
August 15, 2017, the outstanding balance due under the
Security Agreement was not less than $1, 108, 475.17. TCFIF
has presented evidence that the Borrower has possession,
custody and control of Subject Property in which TCFIF has
properly perfected security interests. Borrower has, to date,
refused to voluntarily surrender the Subject Property to
TCFIF. The Subject Property is easily movable, readily
marketable, and can be easily damaged by misuse or
intentional acts. This Court finds evidence that this
temporary restraining order is necessary for the preservation
of the Subject Property in which TCFIF has a security
interest. The Subject Property, identified in Exhibit 1
attached hereto, has a total value of not more than $1, 081,
004.21, based on the original invoice price of the Subject
on a review of the Security Agreement and other exhibits
attached to the Verified Complaint, this Court finds that
TCFIF has a substantial likelihood of prevailing on the
merits of its claims, .
Court further finds that TCFIF has no adequate remedy at law
because as the Subject Property is sold, hidden, destroyed,
concealed, disposed of, transferred, and/or abandoned, TCFIF
loses its security. There is an immediate danger that TCFIF
will be unable to obtain possession over the Subject Property
or that the value of such property may become substantially
impaired, destroying the bargained-for security. TCFIF has
further alleged and presented evidence that TCFIF will lose
its agreed security absent immediate relief. This Court
therefore finds that TCFIF will be severely and irretrievably
damaged absent the requested relief. This harm outweighs the
harm that such relief will cause Borrower.
this Court finds that a temporary restraining order will not
disserve the public interest. To the contrary, the public
interest in promoting the enforcement of contracts and
encouraging financing will be aided by issuing this
injunction. Issuance of the requested relief promotes
judicial efficiency and minimizes the potential for the
improper disposition of the Subject Property and the need for
exercise of contractual self-help remedies, all of which will
benefit the public.
IT IS HEREBY ORDERED, ADJUDGED AND DECREED that Borrower and
its officers, directors, agents, representatives, and
employees, as well as any others acting on their behalf, are
restrained from doing the following:
Transferring any interest by sale, pledge, or grant of
security interest, or otherwise disposing of, transferring,
or encumbering the Subject Property identified in Exhibit 1,
except that Borrower is permitted to sell the inventory to
customers in the ordinary course of business, provided that
Borrower notify TCFIF prior to completing the sale of
inventory and all proceeds of the unit of Subject Property
are paid to TCFIF; 2. Concealing, hiding, or otherwise
removing the Subject Property identified in Exhibit 1; 3.
Impairing the value of any of the Subject Property identified
in Exhibit 1; and 4. Removing the Subject Property identified
in Exhibit 1 from the principal place of business of Borrower
or otherwise outside of the jurisdiction of this Judicial
District; 5. Disposing of the proceeds from the transfer of
any interest of the Subject Property identified in Exhibit 1
that may have occurred prior to issuance of this Order.
FURTHER ORDERED, ADJUDGED AND DECREED that Borrower and its
officers, directors, agents, representatives, and employees,
as well as any others acting on their behalf, are required to
do the following:
Return the Subject Property identified in Exhibit 1 to the
principal place of business of Borrower at 205 N. Main
Street, Alturas, California 96101 or such other location
within the Judicial District agreeable to the parties for
delivery to TCFIF; and 2. Maintain Borrower's books and
records and provide TCFIF full access to such books and
FURTHER ORDERED as a condition precedent to the effectiveness
of this Order, TCFIF shall post a bond in the amount of 1,
000, 000.00 (one million dollars).
FURTHER ORDERED, ADJUDGED AND DECREED that this Temporary
Restraining Order shall expire on September 13, 2017, unless
otherwise extended by this Court.
matter is set for a hearing on a preliminary injunction on
September 12, 2017 at 1:30 p.m. in Courtroom
6 at the Robert Matsui Courthouse.
Court will also hear TCFIF's application for writ of
possession on September 12 at 1:30 p.m.
response to the application and entry of a preliminary
injunction and to the application for writ of possession
shall be filed and served on or before Wednesday,
September 6, 2017 at 5:00 p.m. TCFIF ...