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eBook details

• Title: Burlington National Bank v. Strauss
• Author : Supreme Court of Wisconsin
• Release Date : January 02, 1971
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

This is an action by The Burlington National Bank, Burlington, Wisconsin (bank) against the defendant Jules Strauss for conversion
of a grinder mixer and 28 cows, which the bank claimed as security for a loan to one Robert Fleming. Strauss defended on the
ground the property was repossessed by virtue of his security interest. The trial court found the bank had a superior claim
to the property and awarded judgment to the bank for its value. Strauss appeals. Robert Fleming, a farmer near Lake Geneva, borrowed $14,000 from the bank on August 18, 1965, and secured the loan by a standard
farm security agreement, which gave the bank a security interest in "All farm equipment now owned or hereafter acquired by
and . . . all livestock now owned or hereafter acquired by and the young of such livestock." A properly executed financing
statement was filed with the register of deeds of Walworth county on August 23, 1965. Subsequently, the bank made additional
loans to Fleming secured by the same collateral. These loans were later consolidated on December 8, 1965, and secured by a
standard security agreement, which was filed. On February 6, 1967, the loans or the balance thereof was again re-evidenced
by a note and a financing statement filed April 19, 1967.

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