Blimpie Industries, Ltd. (Blimpie), a New Jersey corporation, is a fast-food outlet which sells franchises. On March 3, 1978 it was or became indebted to David Kule Associates, Inc. (Kule), which debt it undertook to repay at the rate of $1,144.23 weekly commencing March 17, 1978 to and including March 7, 1980. To secure repayment of the indebtedness, it granted to Kule a security interest in all of its chattels, fixtures and equipment including Blimpie's right to receive...
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