Platte Valley Bank v. Tetra Fin. Group, LLC, No. 11-1445 (8th Cir. 2012)
Annotate this CasePlatte Valley Bank (PVB), a banking corporation, claimed a perfected security interest in certain equipment owned by Heggem Construction, Inc. In 2008, Heggem sold the equipment in a sale and leaseback transaction to Tetra Financial Group, LLC. Tetra later transferred the equipment to Republic Bank, Inc. (with Tetra, Appellees). PVB sued Appellees, claiming Appellees converted the equipment and the collateral proceeds of the sale. The district court granted summary judgment in favor of Appellees, finding the undisputed facts in the record did not support PVB's conversion claims. The Eighth Circuit affirmed, holding (1) the district court did not err in concluding any interference by Appellees with PVB's right in the equipment was not so serious or important as to constitute conversion; and (2) because PVB failed to articulate any significant harm it suffered as a result of Appellees' action with respect to its deposit account, the district court did not err in concluding no conversion occurred.
Court Description: Civil case - Commercial law. Under the facts of the case, the district court did not err in concluding that any interference by defendants with the Bank's right in the construction equipment at issue was not so serious or important as to constitute conversion; because the Bank failed to articulate any significant harm it suffered as a result of defendants' actions with respect to a holdback account, the district court did not err in concluding no conversion occurred.
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