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Konkel v. Golden Plains Credit Union

778 P.2d 660 (1989)

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Konkel v. Golden Plains Credit Union

Colorado Supreme Court

778 P.2d 660 (1989)

Facts

In 1978 Golden Plains Credit Union (Golden Plains) (plaintiff) financed the purchase of two combines by Duane Lewis. Golden Plains filed a financing statement in Hamilton County, Kansas, where Lewis lived. In October 1979, Lewis moved the combines to a farm he had purchased in Colorado. Lewis may have moved to Colorado at this time. Four months later, Lewis sold one of the combines to Bud Konkel (defendant). Konkel sold the combine to a farmer in Colorado. Golden Plains never filed a second financing statement in Colorado. Golden Plains filed a conversion lawsuit in Colorado state court against Konkel, seeking the return of the combine. Golden Plains moved for summary judgment, arguing that it held a perfected security interest in the combine when Konkel purchased it. Konkel moved for summary judgment, arguing that Golden Plains lost its security interest in the combine when it failed to file a new financing statement within four months of Lewis bringing the combine into Colorado. The trial court granted summary judgment for Konkel. The court of appeals reversed, holding that Golden Plains retained its security interest in the combine for four months after Lewis moved to Colorado, not four months after the combine was brought into Colorado. The court of appeals remanded the case for the trial court to determine when Lewis moved to Colorado. The Colorado Supreme Court granted certiorari to determine whether Golden Plains perfected its security interest in the combine and, if so, when that interest expired.

Rule of Law

Issue

Holding and Reasoning (Vollack, J.)

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