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IN RE HILYARD DRILLING CO., INC.

Bankruptcy No. ED 85-10M, Adv. No. 85-346M.

60 B.R. 500 (1986)

In re HILYARD DRILLING COMPANY, INC., Debtor. WORTHEN BANK & TRUST COMPANY, N.A., Plaintiff, v. HILYARD DRILLING COMPANY, INC. and National Bank of Commerce of El Dorado, Defendants.

United States Bankruptcy Court, W.D. Arkansas, El Dorado Division.

January 10, 1986.

Attorney(s) appearing for the Case

Susan Gunter, Little Rock, Ark., for debtor.

Charles W. Baker, Little Rock, Ark., for plaintiff.

William I. Prewett, El Dorado, Ark., Wm. David Duke, Little Rock, Ark., for defendant.

Isaac A. Scott, Jr., Little Rock, Ark., trustee.

MEMORANDUM OPINION

JAMES G. MIXON, Bankruptcy Judge.

Hilyard Drilling Company, Inc., (Hilyard) filed a voluntary petition for relief under the provisions of Chapter 11 on the 24th day of January 1985. On April 25, 1979, Hilyard Drilling Co. executed and delivered to National Bank of Commerce of El Dorado (NBC) a security agreement which granted to NBC a security interest in all accounts receivable of Hilyard then existing or thereafter acquired. The debtor...

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