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eBook details

• Title: New Oil, Inc. v. First Interstate Bank
• Author : Supreme Court of the United States
• Release Date : January 24, 1995
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

Description

The only issue in this case is whether First Interstate Bank of Commerce (Bank) held a valid security interest in an oil field pumping unit superior to any interest claimed by New Oil, Inc. and its president, Ben R. Doud (New Oil). The resolution of the case is controlled by the provisions of the Uniform Commercial Code (UCC) which govern the perfection of a security interest. The trial court determined there was no genuine issue of material fact and ruled, under applicable law, the Bank had a perfected security interest in the pumping unit superior to any interest of New Oil. The trial court granted partial summary judgment to the Bank, ruling it was entitled to possession of the pumping unit and the proceeds of any sale of the unit. The record demonstrates the trial court correctly determined there was no genuine issue of material fact; the Bank complied with the applicable provisions of the UCC in perfecting its security interest; and the trial court correctly applied the law to the facts. The Partial Summary Judgment by the trial court is affirmed.

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