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ITT DIVERSIFIED CREDIT v. FIRST CITY CAPITAL

No. B14-85-866-CV.

717 S.W.2d 419 (1986)

ITT DIVERSIFIED CREDIT CORPORATION, et al., Appellants, v. FIRST CITY CAPITAL CORPORATION (Formerly the Small Business Investment Company of Houston), Appellee.

Court of Appeals of Texas, Houston (14th Dist.).

Rehearing Denied September 25, 1986.

Attorney(s) appearing for the Case

John A. Cavin, J. Grady Randle, Ross, Banks, May, Cron & Cavin, Houston, for appellants.

Michael A. Petersmith, Mark D. Wilson, Ladin & Engel, Houston, for appellee.

PAUL PRESSLER, SEARS and CANNON, JJ.

OPINION

SEARS, Justice.

This appeal involves the effect of a subordination agreement on the priority of liens. First City National Bank (the Bank) acquired a first lien security interest in certain assets of the debtor, Sisco Enterprises, Inc., on May 12, 1978. On July 10, 1978, appellee, First City Capital Corporation (formerly Small Business Investment Company of Houston), acquired a second lien security interest...

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