Articles Posted in Commercial Law

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Appellant Farmers National Bank (FNB) appealed the district court's grant of declaratory judgment in favor of Green River Dairy, LLC, and four commodities dealers: Ernest Carter, Lewis Becker, Jack McCall, and Hull Farms (Sellers). FNB argued the district court misinterpreted I.C. 45-1802 (a statutory lien provision) and as a result, erred in granting Sellers a priority lien on collateral securing a loan previously made by FNB. Upon review, the Supreme Court agreed with FNB about the misinterpretation and vacated the district court's grant of declaratory judgment in favor of the Sellers. View "Farmers Nat'l Bank v. Green River Dairy" on Justia Law

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Judgment creditor PAL I, LLC levied and executed upon collateral in which KeyBank had a perfected security interest. PAL argued that because KeyBank did not file a third-party claim to the collateral in accordance with I.C. 11-203, it waived its interest in the collateral. The district court held that a perfected security interest survives a creditor's failure to comply with the statute, that KeyBank's security interest extended to the proceeds PAL realized from the sheriff's sale of the collateral, and that KeyBank was entitled to judgment against PAL in that amount. PAL appealed to the Supreme Court. Finding no error, the Supreme Court affirmed. View "Keybank Nat'l Assoc v. Pal I, LLC" on Justia Law

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This case arose from a contract for services between Defendant Erik Partin and Plaintiff Cody Schroeder under which Defendant assembled a specialty car engine for Plaintiff. A jury returned a verdict finding that Defendant assembled the engine improperly and breached the agreement which contained a liquidated damages clause. The district court granted Defendant's motion for judgment notwithstanding the verdict (JNOV), holding that no reasonable jury could find the liquidated damages clause to be valid. The court also awarded attorney fees to both parties. Plaintiff appealed the grant of JNOV and the award of attorney fees to Defendant. Upon review of the trial record, the Supreme Court found there was substantial evidence to support the jury's determination that the performance agreement was enforceable. Therefore, the Court vacated the trial court's grant of JNOV and reversed the lower court's order granting attorney fees to the parties. The Court remanded the case for further proceedings, and awarded attorney fees on appeal to Plaintiff. View "Schroeder v. Partin" on Justia Law