Merchants-Produce Bank v. Mack Trucks, Inc.

MEHAFFY, Circuit Judge.

Plaintiff, Merchants-Produce Bank, brought suit against defendant, Mack Trucks, Inc., for conversion in the amount of $30,000.00, alleging that Mack Trucks acquired and subsequently sold four GMC trucks subject to the lien of a certain recorded chattel mortgage held by the Bank. In the alternative, the Bank prayed for judgment in the amount of the proceeds of the sale of said trucks. This is a diversity case in which the parties waived a jury and stipulated that the pleadings should be considered as cross-motions for summary judgment. They also entered into an agreed…