Wo Co. (Formerly Nytco Leasing, Inc.) v. Benjamin Franklin Corporation

LEVIN H. CAMPBELL, Circuit Judge.

In this diversity action for conversion of property claimed as collateral for a purchase price financing arrangement, WO Co. sought damages against the Benjamin Franklin Corporation (Franklin), which had sold the property to itself at a foreclosure sale pursuant to a competing security interest. Franklin answered that its claim to the disputed property was senior to WO Co.’s, but that in any event WO Co.’s interest was limited to the price paid for personal property sold at the latter of two consecutive foreclosure sales. After hearing some evidence concerning…