Thorp Finance Corp. v. Ken Hodgins & Sons

The present case involves a dispute between plaintiff Thorp Finance Corporation and defendant State Bank of Escanaba over their respective priorities as secured creditors of defendant Ken Hodgins & Sons. Plaintiff appeals of right from the trial court’s order finding defendant State Bank has priority as to the collateral in question, a model H 65 "C” Hough Payloader. The pertinent facts agreed on by the parties reveal the following:

1. On August 14, 1970, Thorp Finance acquired a security interest in several items of equipment owned by Hodgins, not including the payloader in question.

2. On…