Farmers & Merchants Bank & Trust Co. v. Jennings

HECK, Circuit Judge.

This case was submitted to the trial court on a stipulation of facts which are hereafter summarized.

Judy and Richard Ottum, when purchasing an automobile, obtained financing from plaintiff Farmers & Merchants Bank and Trust Company, the automobile being used as security for the loan. Subsequently, Richard Ottum and defendant Eiffel Jennings were involved in an automobile accident occasioned by the defendant’s negligence. Ottum and the defendant reached a settlement of the claim for damages resulting from the collision. The insurance carrier of defendant, through its…