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Usinor Industeel v. Leeco Steel Products

209 F. Supp. 2d 880 (2002)

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Usinor Industeel v. Leeco Steel Products

United States District Court for the Northern District of Illinois
209 F. Supp. 2d 880 (2002)

RW

Facts

Usinor Industeel (Usinor) (plaintiff) and Leeco Steel Products, Inc. (Leeco) (defendant) contracted for Usinor’s sale and Leeco’s purchase of steel. The contract specified that Usinor retained title to the steel until Leeco paid for it in full. Usinor delivered the steel into Leeco’s possession. After Leeco lost its best customer, it found itself with unused steel inventory. In return for a loan from LaSalle Bank (LaSalle), Leeco gave LaSalle a security interest in its inventory. LaSalle perfected its security interest in accordance with Uniform Commercial Code (UCC) requirements. Despite the loan, Leeco remained deeply in debt to Usinor. Usinor brought a replevin action against Leeco, in federal court, to recover its steel plate.

Rule of Law

Issue

Holding and Reasoning (Lindberg, J.)

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