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Pankratz Implement Co. v. Citizens National Bank

Supreme Court of Kansas
130 P.3d 57 (2006)


On March 18, 1998, Rodger House purchased a tractor from Pankratz Implement Co. (Pankratz) (plaintiff). House and Pankratz entered into a promissory note and security agreement to finance the purchase, both of which House signed using his correct name. However, Pankratz misspelled House’s name in the agreement as “Roger House.” This was the name used on the financing statement filed on March 23, 1998. On April 8, 1999, House obtained a loan from Citizens National Bank (CNB) (defendant). As security for the loan, House pledged all equipment that he owns or will own in the future, in addition to other collateral. CNB filed a financing statement using his correct name. House filed for bankruptcy on June 10, 2002. After obtaining relief from the automatic stay in the bankruptcy court, Pankratz filed this lawsuit against CNB seeking a declaratory judgment that its security interest was superior to CNB’s security interest. The district court determined that the misspelling of House’s first name was not seriously misleading and granted summary judgment to Pankratz. The court of appeals reversed the district court, holding that the misspelling of the first name of House was seriously misleading, because a search using House’s correct name would not reveal Pankratz’s financing statement. Pankratz petitioned the Kansas Supreme Court for review.

Rule of Law


Holding and Reasoning (Davis, J.)

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