Bancorp Leasing & Financial Corp. v. Stadeli Pump & Construction, Inc.

Defendant Otto Stadeli (Stadeli) purchased a replacement engine for a dump truck that was owned by Sta-deli Pump & Construction, Inc. (SP&C), but in which plaintiff Bancorp Leasing and Financial Corp. (Bancorp) had a perfected security interest. After SP&C defaulted on its obligations to Bancorp, Stadeli removed the engine and sold it before Bancorp could take possession of the truck. Bancorp then brought this action for conversion of the engine. Following a non-jury trial, the circuit court awarded judgment to Bancorp, concluding that its security interest in the truck extended to the engine…