Gangloff Industries, Inc. v. Generic Financing and Leasing, Corp.
Indiana Court of Appeals
907 N.E.2d 1059 (2009)
In September 2005, Robert Bougher entered an agreement titled “Lease Agreement” with Generic Financing and Leasing Corp. (Generic) (defendant). Under the agreement, which terminated by its terms in November 2008, Generic would lease a semi-truck to Bougher in exchange for about $43,000, payable in monthly installments of $1,099 for the duration of the lease. The lease was nonterminable by Bougher, who was responsible for the truck’s repairs, licenses, permits, taxes, and insurance. At the end of the lease term, Bougher had the option to purchase the truck for $3,190. Bougher began using the semi-truck to perform hauling for Gangloff Industries, Inc. (Gangloff) (plaintiff). In March 2007, the truck broke down, and Gangloff paid for repairs costing over $6,000. Bougher agreed to repay Gangloff. Several months later, however, Bougher had a medical incident and died. At the request of Bougher’s wife, Gangloff took possession of the truck. Generic sued Gangloff to obtain possession of the truck and damages. Generic asserted ownership of the vehicle. Gangloff counterclaimed that Generic merely held a security interest in the truck and that Gangloff’s possessory lien for repair costs had priority. In January 2008, the trial court granted possession of the truck to Generic. Gangloff appealed.
Rule of Law
Holding and Reasoning (Robb, J.)
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