Sprangers v. Fundamental Business Technology, Inc.

OPINION

LESLIE, Judge.

This is an action by appellant James R. Sprangers to obtain stock and warrants pledged as collateral by respondents Fundamental Business Technology, Inc. and its president, Jude Weyrauch, for a $9,000 loan. Sprangers appeals from partial summary judgment granted to respondents, dismissing Sprangers’ claim to the extent it was based on Minn.Stat. § 336.9-505(2) (1986). That statute allows a secured party in possession of collateral to retain that collateral in satisfaction of a debt when certain conditions are met. The trial court dismissed this claim because it found…