Spillers v. First National Bank

PRESIDING JUSTICE GREEN

delivered the opinion of the court:

This is the second appeal arising out of a dispute between petitioner-appellant, Richard Spillers, and the First National Bank of Arenzville (bank) over the bank’s repossession and sale of two items of collateral subject to the bank’s perfected security interest.

On March 14, 1977, petitioner borrowed $25,000 from the bank for the purchase of a 1957 Lima 54-T crane. This purchase was financed with a six-month promissory note and secured by the crane as well as steel concrete forms. When the note matured, the bank requested payment but…