From our private database of 22,600+ case briefs...
HCC Credit Corp. v. Springs Valley Bank & Trust Co.
Supreme Court of Indiana
712 N.E.2d 952 (1999)
Lindsey Tractor Sales, Inc. (Lindsey) bought inventory from Hesston Corporation (Hesston) on credit from HCC Credit Corporation (HCC) (plaintiff). HCC had a perfected purchase-money security interest in the inventory and proceeds. Lindsey was required to pay HCC immediately after a sale. Over the years, Lindsey had numerous loans from Springs Valley Bank & Trust Co. (Bank) (defendant), typically totaling over $100,000. In 1991, Lindsey sold fourteen tractors and deposited the money into its general account. Instead of paying HCC, Lindsey used the proceeds of the sale, $199,122, and other funds to pay the Bank $212,104.75. Lindsey did not discuss the payment, which was not yet due, with the Bank beforehand. The payment was the largest Lindsey had ever made to the Bank. Lindsey filed for bankruptcy in December 1991. HCC sued the Bank to recover the proceeds from the sale of its collateral. Both parties moved for summary judgment. The court granted the Bank’s motion, which was affirmed on appeal. HCC appealed to the Supreme Court of Indiana.
Rule of Law
Holding and Reasoning (Sullivan, J.)
What to do next…
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 519,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
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.Learn about our approachRead more about Quimbee
Here's why 519,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 22,600 briefs, keyed to 984 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.