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De Lage Landen Financial Services, Inc. v. Perkins Rowe Associates, Inc.
United States District Court for the Middle District of Louisiana
2011 WL 1337381 (2011)
Perkins Rowe Associates, Inc. (Perkins Rowe) (defendant) built a large mixed-use residential, retail, and commercial complex. Perkins Rowe took out a mortgage with KeyBank on the complex, which KeyBank properly recorded. Perkins Rowe executed a lease with Cisco Corporation for Cisco to provide a comprehensive security and operations system throughout the complex, which would control the security, fire safety, lighting, music, and other functions from a centralized location. The system consisted of individual units bolted to the floor at various points throughout the complex, which were connected by wires that ran through the walls, ceilings, and underground between buildings in the complex. Cisco assigned its lease for the system to De Lage Landen Financial Services, Inc. (De Lage) (plaintiff), and De Lage provided the equipment, software, and services to complete and operate the system. De Lage held a security interest in the system, and eventually filed suit against Perkins Rowe to recover the almost $1.5 million that was still owed under the lease, seeking to enforce its security interest in the system as provided by the lease. After the suit was filed, KeyBank intervened in the suit, alleging that the system was a component part of the complex itself and that it was therefore included in the mortgage security interest. De Lage filed a motion for summary judgment, alleging that the system was not a component part of the development and was therefore not covered by the mortgage. KeyBank also filed a motion for summary judgment.
Rule of Law
Holding and Reasoning (Brady, J.)
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