National Bank of Andover, N.A. v. Aero Standard Tooling, Inc.
Kansas Court of Appeals
49 P.3d 547 (2002)
- Written by Joe Cox, JD
Facts
In December 1989, Gomer and Herb Jones filed a security agreement that gave them a perfected security interest in the equipment of Aero Standard Tooling, Inc. (AST). The Joneses did not file a continuation statement in December 1994, so they no longer had a perfected interest. Meanwhile, National Bank of Andover (National Bank) filed a financing statement in March 1992 that included AST’s equipment and filed a continuation statement in December 1996, continuing its perfected status through December 2001. National Bank’s security interest was ultimately assigned to Ed Petty Construction and Leasing, Inc. (Petty). Herb took possession of the AST property in February 1997. When some of the AST property was sold, litigation followed, and the trial court found that Herb’s interest was junior to Petty’s interest. Herb appealed that decision. He argued that his security interest was perfected by possession and that he should have priority over Petty. The equipment in question had sold but did not earn a high enough price to completely pay off Petty’s interest.
Rule of Law
Issue
Holding and Reasoning (Marquardt, J.)
What to do next…
Here's why 832,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 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.
