Hanley Implement Co. v. Riesterer Equipment, Inc.

Hanley Implement Co., Inc., appeals a summary judgment dismissing its conversion suit against Riesterer Equipment, Inc. The suit alleged that Riesterer purchased, took possession of, and refused to return a piece of farm equipment known as a cornhead while Hanley held a security interest on the machine. Initially, Hanley had filed a financing statement to perfect its security interest in the cornhead, but allowed it to lapse after Riesterer purchased the unit. The trial court held that this lapse made the security interest subordinate to Riesterer's rights as a purchaser. Hanley contends that…