Legal Opinion
HCC Credit Corp. v. Springs Valley Bank & Trust
Indiana Supreme Court
Decided May 17, 1999No. 59S04-9703-CV-222PublishedCited by 6 opinions
1Opinion of the Court
SULLIVAN, Justice.
Lindsey Tractor Sales, Inc., sold 14 tractors to a customer and used the $199,122 proceeds to pay off the debt it owed Springs Valley Bank & Trust. Yet HCC Credit Corporation had financed Lindsey’s purchase of the tractors and held a valid and perfected security interest in both the tractors and the proceeds from their sale. Because we hold that the payment to the bank was not in the ordinary course of-the operation , of Lindsey’s business, HCC is entitled to recover the $199,122.
Background
Lindsey Tractor Sales, Inc., purchased wholesale farm equipment from Hesston…
2Cases cited19 opinions
- Harley-Davidson Motor Co., Inc., and Itt Commercial Finance Corp. v. Bank of New England--Old Colony, N.A.Court of Appeals for the First Circuit · 1990
- Citizens National Bank v. Mid-States Development Co.Indiana Court of Appeals · 1978
- Universal CIT Credit Corp. v. Farmers Bank of PortagevilleDistrict Court, E.D. Missouri · 1973
- Benham v. State of IndianaIndiana Supreme Court · 1994
- Orix Credit Alliance, Inc. v. Sovran Bank, N.A.Court of Appeals for the Fourth Circuit · 1993
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3Cited by6 opinions
- Troxel Equipment Co. v. Limberlost BancsharesIndiana Court of Appeals · 2005
- General Electric Capital Corporation, Appellant/cross-Appellee v. Union Planters Bank, Na, Appellee/cross-AppellantCourt of Appeals for the Eighth Circuit · 2005
- Orix Financial Services, Inc. v. KovacsCalifornia Court of Appeal · 2008
- Pioneer Hi-Bred International, Inc. v. Keybank National Ass'nIndiana Court of Appeals · 2001
- General Electric Capital Corp. v. Union Planters Bank, N.A.District Court, E.D. Missouri · 2003
1 more not listed; retrieve them via the Exa API.