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Daniel v. Bank of Hayward

Supreme Court of Wisconsin
425 N.W.2d 416 (1988)


Facts

Joseph and Marijane Daniel (plaintiffs) purchased a Chevrolet van from Don Hofstadter, Inc. (Hofstadter) to be manufactured by General Motors (GM). Under the purchase contract, the Daniels traded in their motor home, the value of which was applied to the $12,077.55 purchase price of the van. After the trade-in, the Daniels still owed an outstanding balance of $3,402. Because the van had not yet been manufactured, the contract did not include a vehicle identification number. Hofstadter worked with Bank of Hayward (Bank) (defendant) to obtain financing for the Daniels’ van. According to ordinary procedure, GM sent a sight draft to the Bank for the van. Hofstadter executed a $9,905.22 note prepared by the Bank, which also conveyed a security interest in the van to the Bank. GM then delivered the van to Hofstadter. Thereafter, the Bank learned that Hofstadter was removing vehicles from the dealership lot that were securing the Bank’s loan to Hofstadter. The Bank responded by preventing the removal of any vehicles from the lot. When the Daniels went to pick up the van, the Bank refused to tender possession unless the Daniels paid the Bank’s entire $9,905.22 interest, even though the Daniels owed only $3,402 to Hofstadter. The Daniels borrowed the $9,905.22 sum from the Bank and obtained possession. The Daniels brought suit against the Bank to recover the overpayment. The trial court granted summary judgment for the Bank. The state supreme court granted the Daniels’ petition to bypass.

Rule of Law

Issue

Holding and Reasoning (Abrahamson, J.)

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