Eleison Composites, LLC v. Wachovia Bank, N.A.

This is an appeal by Eleison Composites, LLC, a Michigan limited liability company (Composites or New Company), from the grant of summary judgment by the district court in favor of Wachovia, NA. (Wachovia or Bank), and the denial of Composites’ motion for partial summary judgment, in this diversity case brought by Composites against Wachovia, predicated upon the Georgia tort law of conversion. 1 In addition to the monies that Composites contends were wrongfully converted by Wachovia when it exercised its right of setoff against funds deposited into Eleison, Inc.’s (Eleison or Old Company or…