CitationHumble Oil & Refining Co. v. Martin, 148 Tex. 175, 222 S.W.2d 995, 1949 Tex. LEXIS 401 (Tex. 1949) Brief Fact Summary. Plaintiff, George Martin, brought an action against Defendants, Humble Oil & Refining Co. and A.C. Love, when Plaintiff and his children were hit from behind by Love’s car after she left it for Humble Oil to service. Synopsis of Rule of Law. Determining whether a master-servant relationship exists, rather than an independent contractor relationship, is a question of fact that will be answered in the affirmative when the master exerts a considerable amou ...
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Plein v. Lackey
CitationPlein v. Lackey, 149 Wn.2d 214, 67 P.3d 1061, 2003 Wash. LEXIS 285, 50 U.C.C. Rep. Serv. 2d (Callaghan) 234 (Wash. Apr. 17, 2003) Brief Fact Summary. A president of a corporation and his attorney, sought review of a decision of the Court of Appeals, which reversed the trial court’s grant of summary judgment in favor of the president and attorney. The Court of Appeals granted the plaintiff a permanent injunction barring a foreclosure sale and a declaration that a deed of trust assigned to the president was void. Synopsis of Rule of Law. “Accommodation party” status is ...
Maine Family Federal Credit Union v. Sun Life Assurance Co
CitationMaine Family Fed. Credit Union v. Sun Life Assur. Co., 727 A.2d 335, 1999 ME 43, 1999 Me. LEXIS 44, 37 U.C.C. Rep. Serv. 2d (Callaghan) 875 (Me. Mar. 3, 1999) Brief Fact Summary. Three life insurance beneficiaries were fraudulently induced into indorsing their checks to a third party. After the third party deposited the checks, a stop payment was placed on the checks and the deposited checks were dishonored. The action is the result of the bank’s attempt to receive payment for the checks. Synopsis of Rule of Law. A holder will not be a holder in due course if there is a fail ...
Universal C.I.T Credit Corp. v. Ingel
CitationUniversal C. I. T. Credit Corp. v. Ingel, 196 N.E.2d 847, 347 Mass. 119, 1964 Mass. LEXIS 728, 2 U.C.C. Rep. Serv. (Callaghan) 82, 3 U.C.C. Rep. Serv. (Callaghan) 303 (Mass. 1964) Brief Fact Summary. This is an appeal from a directed verdict in favor of the plaintiff. The plaintiff is the assignee of the payee of a promissory note. The defendant refuses to pay on the note due to a contract dispute between the defendant and the payee on the note. Synopsis of Rule of Law. “Any writing to be a negotiable instrument must contain an unconditional promise or order to pay a sum ce ...
Shutze v. Credithrift of America, Inc
CitationShutze v. Credithrift of America, Inc., 607 So. 2d 55, 1992 Miss. LEXIS 443 (Miss. July 29, 1992) Brief Fact Summary. Credithrift of America, Inc., (Respondent), held a second deed of trust securing future advances on a property owned by Hobart W. Gentry, Jr. and Georgia C. Gentry. Respondent made an advance after Thomas E. Shutze, (Petitioner), perfected a judgment lien on the same property. Petitioner appeals the Chancery Court decision to enforce the future advance clause and assign its lien a priority relating back to the original deed of trust. Synopsis of Rule of Law. The lien ...
Frierson v. United Farm Agency Inc
CitationFrierson v. United Farm Agency, 868 F.2d 302, 1989 U.S. App. LEXIS 2026, 8 U.C.C. Rep. Serv. 2d (Callaghan) 260 (8th Cir. Mo. Feb. 23, 1989) Brief Fact Summary. United Farm Agency, Inc. had a security agreement with Merchants. United Farm Agency, Inc. is in default but Merchants refused to exercise its remedies under the code to the detriment of Frierson, a junior lien holder. Merchants appeals the district court ruling in Frierson’s favor. Synopsis of Rule of Law. A secured creditor with a security interest over all the debtor’s property may not rely on a default to prev ...
National Bank of Alaska v. Erickson (In re Seaway Express Corp.)
CitationIn re Seaway Express Corp., 912 F.2d 1125, 1990 U.S. App. LEXIS 15227, 12 U.C.C. Rep. Serv. 2d (Callaghan) 557, Bankr. L. Rep. (CCH) P73,608 (9th Cir. Wash. Aug. 30, 1990) Brief Fact Summary. The National Bank of Alaska, (Appellant), appeals a decision of the Bankruptcy Appellate Panel granting summary judgment to Erickson, trustee in the bankruptcy of Seaway Express Corp., (Seaway). Appellant claims a priority interest in property owned by Seaway. Synopsis of Rule of Law. To perfect an interest in real property under Washington law, a party must record a deed signed by the grantor. ...
Bank Leumi Trust Co. of New York v. Liggett
CitationBank Leumi Trust Co. v. Liggett, 115 A.D.2d 378, 496 N.Y.S.2d 14, 1985 N.Y. App. Div. LEXIS 54778 (N.Y. App. Div. 1st Dep’t Dec. 10, 1985) Brief Fact Summary. Helen Liggett perfected a judgment lien against the property of her ex-husband, Joseph Liggett. Afterwards, Bank Leumi Trust Co., made mortgage loans to Joseph Liggett and subsequently, Cosden Oil acquired a lien against the property. Bank Leumi Trust Co. brought this action pursuant to CPLR 5236(g) and Helen Liggett and Cosden Oil appeared in opposition. Synopsis of Rule of Law. The language, “unless the court othe ...
The Grocers Supply Co. v. Intercity Investment Properties, Inc
CitationGrocers Supply Co. v. Intercity Inv. Properties, Inc., 795 S.W.2d 225, 1990 Tex. App. LEXIS 1767, 12 U.C.C. Rep. Serv. 2d (Callaghan) 1165 (Tex. App. Houston 14th Dist. July 19, 1990) Brief Fact Summary. The Grocers Supply Co., (Appellant), brought suit against Intercity Investment Properties, (Respondent), in order to determine its rights to property that Respondent seized pursuant to a county court turnover order. Synopsis of Rule of Law. The right of a prior perfected creditor to take possession of its collateral is superior to any right of a mere judgment creditor and the prior p ...
Grabowski v. Deere & Company (In re Grabowski)
CitationGrabowski v. Deere & Co. (In re Grabowski), 277 B.R. 388, 2002 Bankr. LEXIS 454, 47 U.C.C. Rep. Serv. 2d (Callaghan) 1219 (Bankr. S.D. Ill. Apr. 23, 2002) Brief Fact Summary. Bank of America and South Pointe Bank both claim a secured interest in three pieces of farming equipment owned by Ronald and Trenna Grabowski. Synopsis of Rule of Law. A financing statement need not specify the property encumbered by a secured party’s lien but need merely notify subsequent creditors that a lien may exist and that further inquiry is necessary to disclose the complete state of affairs. ...
Old Republic Insurance Co. v. Lee
CitationOld Republic Ins. Co. v. Lee, 507 So. 2d 754, 1987 Fla. App. LEXIS 8308, 12 Fla. L. Weekly 1309 (Fla. Dist. Ct. App. 5th Dist. May 21, 1987) Brief Fact Summary. The Lees, (Appellees), failed to make two loan payments on their second mortgage. Old Republic Insurance Co., (Appellant), the mortgage holder, notified Appellees that the mortgage was being declared in default and the unpaid balance was being accelerated. Appellant filed suit to foreclose but the court granted Appellees motion to reinstate. Synopsis of Rule of Law. Once the mortgage holder has exercised his option to acceler ...
In re DeSeno
CitationMidlantic Nat’l Bank v. DeSeno (In re DeSeno), 17 F.3d 642, 1994 U.S. App. LEXIS 2474, Bankr. L. Rep. (CCH) P75,724, 30 Collier Bankr. Cas. 2d (MB) 1326, 25 Bankr. Ct. Dec. 426 (3d Cir. N.J. Feb. 15, 1994) Brief Fact Summary. Midatlantic National Bank, (Appellee), holds a first purchase money mortgage, executed by Jean R. DeSeno and her ex-husband Stefano T. DeSeno on a property owned by Ms. DeSeno, (Appellant). Appellee obtained a foreclosure judgment in the Superior Court of New Jersey but Appellant filed for Chapter 11 Bankruptcy prior to the sale of the property. Appellee s ...
In re Craddock-Terry Shoe Corp
Citation98 B.R. 250 (Bankr. W.D. Va. 1988) Brief Fact Summary. Lincoln National Life Insurance Company and Westinghouse Credit Corporation, (collectively, “Plaintiffs”), move to lift the automatic stay imposed by section 362(a) of the Bankruptcy Code or provide Plaintiffs adequate protection for certain collateral in which they have a security interest. Synopsis of Rule of Law. Equity is the value the amount by which the value of the collateral exceeds the debt it secures. Adequate protection for a secured creditor means that the benefit to be protected is the value obtainable from ...
Marino v. United Bank of Illinois, N.A
CitationMarino v. United Bank of Illinois, N.A., 137 Ill. App. 3d 523, 484 N.E.2d 935, 1985 Ill. App. LEXIS 2570, 92 Ill. Dec. 204 (Ill. App. Ct. 2d Dist. Oct. 18, 1985) Brief Fact Summary. Lawrence Marino, (Appellant), purchased a property at a foreclosure sale and then attempted to vacate the sale and have his money returned on the basis of misrepresentation. The trial court initially vacated the sale but then reversed its order and confirmed the sale on the motion to reconsider by United Bank of Illinois, (Appellee). Appellant appeals that decision. Synopsis of Rule of Law. The doctrine o ...
Federal Deposit Insurance Corp v. Lanier
CitationFederal Deposit Ins. Corp. v. Lanier, 926 F.2d 462, 1991 U.S. App. LEXIS 4179, 14 U.C.C. Rep. Serv. 2d (Callaghan) 346 (5th Cir. Tex. Mar. 18, 1991) Brief Fact Summary. The Laniers, (Appellants) are guarantors who are challenging the sufficiency of a notice of disposition provided by Federal Deposit Insurance Corp., (Appellee), in conjunction with the sale of collateral. Synopsis of Rule of Law. Before a creditor can sell the collateral underlying a secured loan, it must give the debtor and guarantor reasonable notification of the time after which any intended disposition is to be ma ...
Basile v. Erhal Holding Corp
CitationBasile v. Erhal Holding Corp., 148 A.D.2d 484, 538 N.Y.S.2d 831, 1989 N.Y. App. Div. LEXIS 2711 (N.Y. App. Div. 2d Dep’t Mar. 13, 1989) Brief Fact Summary. Erhal Holding Corp., (Defendant), moves for a declaration that Ms. Basile, (Plaintiff), waived her right of redemption when she executed a mortgage and deed to Defendant in lieu of foreclosure. The Supreme Court of New York granted Defendant’s motion and Plaintiff appeals. Synopsis of Rule of Law. A deed that is executed as security for a loan of money will be treated as a mortgage. A borrower has an unwaivable right t ...
Salisbury Livestock Co. v. Colorado Central Credit Union
CitationSalisbury Livestock Co. v. Colorado Cent. Credit Union, 793 P.2d 470, 1990 Wyo. LEXIS 68, 12 U.C.C. Rep. Serv. 2d (Callaghan) 894 (Wyo. June 13, 1990) Brief Fact Summary. Salisbury Livestock Co., (Plaintiff) brought suit against Colorado Central Credit Union, (Defendant) for wrongful repossession and trespass. Synopsis of Rule of Law. If there is no confrontation and the timing and manner of a creditor’s entry are found to be reasonable then the entry is privileged. ...
Armstrong v. Csurilla
CitationArmstrong v. Csurilla, 112 N.M. 579, 1991-NMSC-081, 817 P.2d 1221, 1991 N.M. LEXIS 304 (N.M. Aug. 27, 1991) Brief Fact Summary. William and Josephine Csurilla, (Appellants), entered into two contracts for the purchase of two adjacent properties containing a residential home and a services station. Appellants defaulted on the contracts resulting in a foreclosure sale. Appellants appeal the trial court decision to confirm the sale. Synopsis of Rule of Law. A judicial sale will not be set aside for inadequacy of price unless it be so gross as to shock the conscience or unless there be a ...
State Street Bank & Trust Co. v. Strawser
CitationState St. Bank & Trust Co. v. Strawser, 908 F. Supp. 249, 1995 U.S. Dist. LEXIS 19123, 30 U.C.C. Rep. Serv. 2d (Callaghan) 477 (M.D. Pa. Dec. 26, 1995) Brief Fact Summary. State Street Bank & Trust Company, (Plaintiff), brought suit against Chester L. and Connie M. Strawser, (Defendants), after they defaulted on payments pursuant to a mortgage and Adjustable Rate Note. Plaintiff asserts that it is a holder in due course and therefore entitled to enforce the Adjustable Rate Note free from all defenses. Synopsis of Rule of Law. A person has “notice” of a fact when: ...
Vitale v. Hotel California, Inc
CitationVitale v. Hotel California, Inc., 184 N.J. Super. 512, 446 A.2d 880, 1982 N.J. Super. LEXIS 769 (Law Div. Mar. 18, 1982) Brief Fact Summary. David J. Vitale, Jr., (Plaintiff) brings this motion to hold liable the Sheriff of Monmouth County, William Lanzaro, (Sheriff), for failing to execute a writ based on a judgment against Hotel California, Inc. (Defendant). Synopsis of Rule of Law. Further levies under one writ are authorized under the same writ before the return day if the initial levy does not satisfy the judgment. If a sheriff or acting sheriff fails to perform a duty imposed u ...
Wood v. State Bank
CitationWood v. State Bank, 203 A.D.2d 278, 609 N.Y.S.2d 665, 1994 N.Y. App. Div. LEXIS 3735, 24 U.C.C. Rep. Serv. 2d (Callaghan) 205 (N.Y. App. Div. 2d Dep’t Apr. 4, 1994) Brief Fact Summary. The Woods, (Appellees) brought suit against State Bank of Long Island, (Appellant), for failure to honor a letter of credit. The Supreme Court of New York found that Appellees complied in all respects with the letter of credit and granted summary judgment in their favor. Appellant appeals this decision. Synopsis of Rule of Law. Letters of credit are to be strictly complied with and the bank or tr ...
F.T.L., Inc. v. Crestar Bank (In re F.T.L., Inc.)
CitationF.T.L., Inc. v. Crestar Bank (In re F.T.L., Inc.), 152 B.R. 61, 1993 Bankr. LEXIS 345, Bankr. L. Rep. (CCH) P75,194, 28 Collier Bankr. Cas. 2d (MB) 1032, 24 Bankr. Ct. Dec. 53 (Bankr. E.D. Va. Mar. 16, 1993) Brief Fact Summary. F.T.L., Inc., (Petitioner), filed a voluntary bankruptcy petition under chapter11. Crestar Bank, (Respondent), the primary secured creditor of Petitioner, has perfected a judgment lien against the residence Frank Lash, Jr. and Robyn Lash, officers of Petitioner and personal guarantors of the debt. Frank Lash Jr., and Robyn Lash have requested an automatic stay ...
Samuel Rappaport Family Partnership v. Meridian Bank
CitationSamuel Rappaport Family Partnership v. Meridian Bank, 657 A.2d 17, 441 Pa. Super. 194, 1995 Pa. Super. LEXIS 891, 26 U.C.C. Rep. Serv. 2d (Callaghan) 474 (Pa. Super. Ct. Apr. 11, 1995) Brief Fact Summary. Samuel Rappaport Family Partnership, (Appellant), brought suit after Meridian Bank, (Appellee), refused to honor a sight draft. Appellant appeals the trial court holding that Appellee properly dishonored the sight draft due to the presentment’s failure to comply with the strict terms of the letter of credit. Synopsis of Rule of Law. The death of a person mentioned in a letter ...
Banco de la Provincia v. BayBank Boston N.A
CitationBanco de La Provincia de Buenos Aires v. Baybank Boston N.A., 985 F. Supp. 364, 1997 U.S. Dist. LEXIS 17124, 33 U.C.C. Rep. Serv. 2d (Callaghan) 964 (S.D.N.Y. Oct. 31, 1997) Brief Fact Summary. Banco de la Provincia, (Plaintiff) seeks declaratory judgment that on April 1995 it had the right to set-off against the funds in Banco Feigin’s account with Plaintiff and that this right was superior to any right BayBank Boston N.A., (Defendant) may have had as the bank maintaining an account of Banco Feigin to which Banco Feigin had requested its funds sent. Plaintiff moves for summary ...
Maryott v. First National Bank
CitationMaryott v. First Nat’l Bank, 624 N.W.2d 96, 2001 S.D. LEXIS 43, 2001 SD 43, 44 U.C.C. Rep. Serv. 2d (Callaghan) 240 (S.D. Apr. 4, 2001) Brief Fact Summary. Ned Maryott, (Plaintiff), brought this action against First National Bank, (Defendant) for the wrongful dishonor of three checks. Defendant appeals the trial court ruling in favor of Plaintiff in the amount of $250,000 for lost income, $200,000 for lost value of Plaintiff’s business, and $150,000 for emotional distress. Synopsis of Rule of Law. While emotional damages may be recoverable under U.C.C. Section:4-402, they ...