U. M. & M. Credit Corp. v. Pettibone Mulliken Corp.

This action for conversion of a front-end-loader, a piece of heavy construction equipment, involves a question of priority as between defendant manufacturer (Pettibone Mulliken), holder of a first but unfiled mortgage, and plaintiff finance company (U. M. & M.), holder of a subsequent mortgage on the same equipment. In addition to various defenses raising issues as to U. M. & M.’s title and rights, Pettibone Mulliken asserts a right to priority by virtue of its respossession of the loader through the voluntary act of the dealer to whom it had sold it and who had given it a mortgage to secure…