Michigan National Bank v. Michigan Livestock Exchange

432 Mich. 277 (1989)

439 N.W.2d 884

MICHIGAN NATIONAL BANK

v.

MICHIGAN LIVESTOCK EXCHANGE

Docket No. 81932, (Calendar No. 7).

Supreme Court of Michigan.

Argued November 2, 1988.

Decided May 1, 1989.

David J. Vigna for the plaintiff.

E. Lawrence Oldfield, Joseph T. Collison, and James T. Malysiak for the defendant.

Amicus Curiae:

Warner, Norcross & Judd (by James H. Breay) for Michigan Bankers Association.

BRICKLEY, J.

In this action for conversion, defendant claims that as a matter of law it is shielded from liability by UCC 7-404[1] or, in the alternative, by UCC 9-307[2] when read in conjunction with 1…