Morgan v. Bargersville State Bank

CHEZEM, Judge.

CASE SUMMARY

Appellant/Defendant, Danny Morgan (Morgan), appeals from a judgment for Ap-pellee/Plaintiff, Bargersville State Bank (Bargersville). We reverse and remand.

*307ISSUE

Did Morgan give “value” to John Foley (Foley) in exchange for a truck, loader and power unit?

FACTS

On November 25, 1988, Bargersville loaned Foley $15,000. Foley then executed a security agreement pledging a truck, loader and power unit to Bargersville to secure repayment of the loan. Bargers-ville did not perfect its security interest in the loader and power unit until August 28, 1989, and did not perfect its…