Ranes & Shine, LLC v. MacDonald Miller Alaska, Inc.

OPINION

STOWERS, Justice.

I. INTRODUCTION

In 2005 Gordon Timmerman, the sole owner of MacDonald Miller Alaska, Inc., agreed to release a claim MacDonald Miller had against Ranes & Shine, LLC, and to pay an additional $18,000 in exchange for equipment Ranes & Shine claimed to own free of any encumbrances. Five years later First National Bank Alaska contacted Timmerman, asserting a security interest in the equipment and requesting its return. First National eventually filed this suit against Timmerman in 2010 to obtain possession of the equipment. 1

Timmerman filed a third-party complaint against…