Logourl black
From our private database of 14,100+ case briefs...

Gibraltar Financial Corp. v. Prestige Equipment Corp.

Supreme Court of Indiana
949 N.E.2d 314 (2011)


Facts

Vitco Industries, Inc. (Vitco) bought a punch press for $243,000. Key Equipment Finance, Inc. (Key) then entered into a lease agreement with Vitco, under which Key paid Vitco $243,000 and Vitco was entitled to continue using the press in exchange for monthly payments for six years. Under the agreement’s early-buyout option (EBO), Vitco could buy the press after five years for $78,464.70. If Vitco did not exercise the EBO by the end of the six-year term, Vitco could buy the press for fair market value, renew the lease, or return the press to Key. Vitco entered into several loan agreements with Gibraltar Financial Corporation (Gibraltar) (plaintiff). Vitco granted a security interest in its property to Gibraltar. When Vitco defaulted under the loan agreements, Key repossessed and sold the press to Prestige Equipment Corporation (Prestige) (defendant). Gibraltar sued Prestige to recover the value of the press, arguing that Prestige had acquired the press subject to Gibraltar’s security interest. The trial court granted summary judgment in favor of Prestige, finding that the agreement between Key and Vitco was a lease and that Gibraltar therefore did not have had a security interest in the press. The court of appeals affirmed. Gibraltar appealed, arguing that the agreement represented a sale subject to Gibraltar’s security interests.

Rule of Law

The rule of law is the black letter law upon which the court rested its decision.

To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

To access this section, please start your free trial or log in.

Holding and Reasoning (Sullivan, J.)

The holding and reasoning section includes:

  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 221,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.