Pioneer Commercial Funding Corp. v. American Financial Mortgage Corp.

OPINION

Justice SAYLOR.

This appeal is centered on a commercial priority dispute between a banking institution exercising setoff against a 'general deposit account and a company asserting a third-party interest in the account proceeds, in the nature of absolute ownership and/or a perfected security interest.

Appellee, Pioneer Commercial Funding Corp. (“Pioneer”) is a publicly-traded company that operated as a real estate warehouse lender in California. As such, Pioneer provided funding to small-to medium-sized companies originating loans to home buyers. 1 Pioneer obtained its own primary funding…