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INDUSTRIAL CREDIT CO. v. HARGADON EQUIPMENT CO.

No. 50714.

119 N.W.2d 238 (1963)

INDUSTRIAL CREDIT COMPANY, a Corporation, Appellee, v. HARGADON EQUIPMENT COMPANY, Appellant, James Talcott, Inc., M. C. Sanderson, Intervenor-Appellants.

Supreme Court of Iowa.

January 15, 1963.

Attorney(s) appearing for the Case

Whicher, Davis & Yaneff, Sioux City, for appellant, James Talcott, Inc.

Pizey, Sears & DeWitt, Sioux City, for appellant, M. C. Sanderson.

Edward E. Baron, Sioux City, for appellee.

STUART, Justice.

A dealer discounted a conditional sales contract to a finance company. The property was repossessed and resold by the dealer. The second conditional sales contract was discounted to a second finance company. The dealer did not pay off the obligation to the first company with the proceeds. As a result, one of two finance companies will be defrauded out of several thousand dollars. There are several parties involved in the transactions relevant to this...

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