Michigan National Bank v. Flowers Mobile Homes Sales, Inc.
Court of Appeals of North Carolina
Appeal by plaintiff from Cowper, Judge. Judgment entered 2 November 1974 in Superior Court, Lenoir County. Heard in the Court of Appeals 6 May 1975. This is a civil action heard by the court without a jury upon stipulated facts and documentary evidence.
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Appeal by plaintiff from Cowper, Judge. Judgment entered 2 November 1974 in Superior Court, Lenoir County. Heard in the Court of Appeals 6 May 1975. This is a civil action heard by the court without a jury upon stipulated facts and documentary evidence. On 1 July 1967 plaintiff, Michigan National Bank, and the defendant, Flowers Mobile Homes Sales, Inc., entered into a “Security Agreement (Dealer’s Floor Plan) ” by which Flowers granted to the Bank a continuing security interest in all of Flowers’s inventory, which consisted primarily of mobile homes, and in the proceeds thereof. By this…
1Opinion of the Court
PARKER, Judge.
[1, 2] G.S. 25-9-306(2) provides that when property subject to a security interest is sold by the debtor, the security interest “continues in any identifiable proceeds including collections received by the debtor.” Under this statutory provision there can be no question but that plaintiff obtained a valid security interest in the $6,400.00 which Flowers received from the sale of the Madison Mobile Home at the time Flowers first collected that amount from its customer. The question presented by this appeal is whether the proceeds of that sale remained “identifiable proceeds” so…
2Cases cited5 opinions
- Universal CIT Credit Corp. v. Farmers Bank of PortagevilleDistrict Court, E.D. Missouri · 1973
- Brown & Williamson Tobacco Corp. v. First National Bank of Blue Island, a National Banking AssociationCourt of Appeals for the First Circuit · 1974
- ASSOC. DIS. CORP. v. Fidelity Un. Trust Co.New Jersey Superior Court Appellate Division · 1970
- Edgecombe Bank & Trust Co. v. BarrettSupreme Court of North Carolina · 1953
- Girard Trust Corn Exchange Bank v. Warren Lepley Ford, Inc., Pennsylvania Court of Common Pleas, Philadelphia County1958
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