Buckeye Federal Savings & Loan Ass'n v. Guirlinger

This cause presents two issues for our review: whether a creditor not in possession of collateral can be held liable for its unjustified impairment, and whether Guirlinger waived the defense of impairment of collateral against Buckeye Federal. For the reasons that follow, we reverse the decision of the court of appeals and reinstate the decision of the trial court.

I

In order to prevail on his Civ.R. 60(B) motion for relief from judgment, Guirlinger had to demonstrate that he had a meritorious defense, that his motion was timely, and that he was entitled to relief on one of the five grounds…