ITT Commercial Finance Corp. v. Union Bank & Trust Co.

CONOVER, Presiding Judge.

Plaintiff-Appellant ITT Commercial Financial Corp. (ITT) appeals an order denying its motion for summary judgment and granting summary judgment in favor of Defendant-Appellee Union Bank & Trust Company (Bank) in this priority of liens case.

We reverse.

At issue here is whether the Bank had a perfected priority purchase money security interest in a debtor’s inventory.

ITT brought an action in replevin and for damages. In short, ITT alleged the Bank wrongly held “approximately 23” motorcycles belonging to Steven H. Gresham d/b/a Midway Cycle Sales, a Chapter 13 bankrupt,…