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BANQUE de DEPOTS v. NATIONAL BANK OF DETROIT

No. 73-1327.

491 F.2d 753 (1974)

BANQUE de DEPOTS, Plaintiff-Appellee, v. NATIONAL BANK OF DETROIT, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided February 14, 1974.

Attorney(s) appearing for the Case

Patrick J. Ledwidge, Detroit, Mich., for defendant-appellant; Dickinson, Wright, McKean & Cudlip, Detroit, Mich., on brief.

G. Cameron Buchanan, Detroit, Mich., for plaintiff-appellee; Alexander, Buchanan & Seavitt, Detroit, Mich., on brief.

Before PHILLIPS, Chief Judge, and WEICK and PECK, Circuit Judges.

JOHN W. PECK, Circuit Judge.

The events which led up to this controversy began in the Spring of 1971. Wilford O. Dunkel, a wealthy Michigan resident and share-holder of Champion Home Builders Company, (hereinafter "Champion") found himself in need of large amounts of cash. He determined to use his Champion stock, which at that time consisted of more than 296,000 shares worth in excess of $7,000,000, as collateral for the anticipated loan. For various reasons he preferred...

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