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EMPIRE LIFE INSURANCE CO. OF AMERICA v. VALDAK CORP.

No. 72-1063.

468 F.2d 330 (1972)

EMPIRE LIFE INSURANCE COMPANY OF AMERICA, Plaintiff-Appellee, v. VALDAK CORPORATION, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied November 10, 1972.

Attorney(s) appearing for the Case

Donnie R. Duplissey, Dean Carlton, Dallas, Tex., Byron Edwards, Grand Forks, N. D., for defendant-appellant.

Stewart Frazer, Douglas E. Bergman, Dallas, Tex., for plaintiff-appellee.

Before BELL, GOLDBERG and RONEY, Circuit Judges.

GOLDBERG, Circuit Judge:

In this diversity case involving the precipitous diminution in value of stock pledged by defendant as collateral for a loan, plaintiff, suing for a deficiency judgment after a foreclosure sale, advocated one theory of the Uniform Commercial Code; defendant advanced a different reading of the U.C.C., and the trial court applied yet a third application of the Code. Finding the Code to be inapplicable...

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