Counceller v. Ecenbarger, Inc.

834 N.E.2d 1018 (2005)

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Counceller v. Ecenbarger, Inc.

Indiana Court of Appeals
834 N.E.2d 1018 (2005)

DH

Facts

John Counceller (plaintiff) was the president and majority shareholder of First Metals and Plastics Technologies, Inc. (First Metals). Counceller individually loaned First Metals over $200,000, which remained unpaid. In 2002, Counceller filed a financing statement listing First Metals as the debtor. The financing statement gave Counceller an interest in all of First Metal’s presently owned or after-acquired assets, including deposit accounts and all products and proceeds. At all material times, First Metals remained in control of the bank accounts in question. In 2004, Ecenbarger, Inc. (defendant) d/b/a Applied Metal and Machine Works (Applied Metal) obtained a default judgment against First Metals. Subsequently, Applied Metal sought to collect the unpaid portion of the judgment. Counceller intervened and claimed that his security interest in the bank accounts in question was perfected upon his filing of the financing statement and, therefore, was superior to Applied Metal’s judgment lien. The trial court denied Counceller’s claim because he did not control the bank accounts in question. Counceller appealed, arguing that the financing statement served to perfect his security interest in the deposit accounts in dispute, regardless of his lack of control over such accounts.

Rule of Law

Issue

Holding and Reasoning (Bailey, J.)

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