Van De Hey v. United States National Bank

Plaintiffs are the principal owners of Van De Hey Track Transport, Inc. (corporation), and they are the trustees of certain employe benefit plans for employes of the corporation. The plans are subject to the Employee Retirement Income Security Act of 1974 (ERISA). 29 USC § 1001 et seq. Defendant bank made loans to the corporation, which executed and renewed a promissory note in the bank’s favor. As part of the loan transaction, some of the employe benefit plans also executed and renewed various documents, including collateral agreements and assignments, by which they pledged time certificates…