Ag Resource Management LLC v. Southern Bank, No. 3:2016cv00276 - Document 53 (E.D. Ark. 2017)

Court Description: JUDGMENT consistent with 52 Opinion and Order it is considered, ordered, and adjudged that Plaintiff's 32 Motion for Partial Summary Judgment is granted. Judgment is entered in favor of AG Resource Management LLC against Southern Bank for th e sum of $119,397.32, plus prejudgment interest of $11,633.36, together with post-judgment interest at the rate of 1.22% per annum until paid, along with Plaintiff's costs of $400 for the filing fee and $50 for the ser vice fee, for all or which execution may issue. It is further ordered and adjudged that Defendant's 38 Cross Motion for Summary Judgment is granted in part and denied in part. Count II of the complaint is dismissed because the claim for common law conversion has been displaced by the Uniform Commercial Code. The remainder of the Cross-Motion for Summary Judgment is denied. Signed by Judge J. Leon Holmes on 7/7/2017. (jak)
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Ag Resource Management LLC v. Southern Bank Doc. 53 IN THE UNITED STATES DISTRICT COURT EASTERN DISTRICT OF ARKANSAS JONESBORO DIVISION AG RESOURCE MANAGEMENT, L.L.C. v. PLAINTIFF 3:16-CV-00276 JLH/PSH SOUTHERN BANK DEFENDANT SOUTHERN BANK THIRD PARTY PLAINTIFF v. B.C. FARMS LLC and BODDY G. CLAUSE THIRD PARTY DEFENDANTS JUDGMENT Consistent with the Opinion and Order entered on June 26, 2017 (Doc. # 52), it is considered ORDERED and ADJUDGED that Plaintiff's Motion for Partial Summary Judgment (Doc.# 32) is GRANTED. Judgment is entered in favor of Plaintiff AG Resource Management, L.L.C., against Southern Bank for the sum of $119,397.32, plus prejudgment interest of $11,633.36, together with post-judgment interest at the rate of 1.22% per annum until paid, along with Plaintiff's costs of $400 for the filing fee and $50 for the service fee, for all or which execution may issue. It is further ORDERED and ADJUDGED that Defendant's Cross-Motion for Summary Judgment (Doc.# 38) is GRANTED IN PART and DENIED IN PART. Count II of the complaint is dismissed because the claim for common law conversion has been displaced by the Uniform Commercial Code. The remainder of the Cross-Motion for Summary Judgment is DENIED. Dockets.Justia.com IT IS SO ADJUDGED This 1!±_ day of if wlff= ,2017 !:::Dlf:!::GE Approved as to Form Only: /s/ Harry S. Hurst, Jr. Harry S. Hurst, Jr. (88116) Parker Hurst & Burnett PLC 3000 Browns Lane PO Box 1733 Jonesboro, AR 72403 Tel: 870-268-7602 Fax:870-268-7607 hhurst@phbfirm.com Counsel for Plaintiff /s/ Jason C. Smith Jason C. Smith AR #2006103 SPENCER FANE LLP 2144 E. Republic Road, Suite B300 Springfield, MO 65804 Tel: 417-888-1000 Fax:417-881-8035 jcsmith@spencerfane.com Attorneys for Defendant 2