Citizens National Bank of Tipton v. Indianapolis Auto Auction

RATLIFF, Chief Judge.

STATEMENT OF THE CASE

Citizens National Bank of Tipton (“Citizens”) appeals the entry of summary judgment finding its interest in certain collateral had terminated. We affirm.

ISSUE

We restate the issue as:

Did the trial court err in entering summary judgment in favor of Indianapolis Auto Auction (“IAA”) finding that Citizens’ security interests in five automobiles had terminated?

FACTS

Stanley Young owned and operated car dealerships in Tipton. In the fall of 1987, Citizens loaned Young money pursuant to a floor plan agreement to purchase five cars from IAA. Young executed…