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GLOBE LEASING CORPORATION v. BANK OF SALT LAKE

No. 14155.

547 P.2d 197 (1976)

GLOBE LEASING CORPORATION, a Utah Corporation, et al., Plaintiffs and Appellants, v. BANK OF SALT LAKE, a Utah Corporation, and Norton Parker, an Individual, Defendants and Respondents.

Supreme Court of Utah.

March 10, 1976.

Attorney(s) appearing for the Case

Robert M. McRae, of Hatch, McRae & Richardson, Salt Lake City, for plaintiffs-appellants.

Carman E. Kipp and J. Anthony Eyre, of Kipp & Christian, Salt Lake City, for defendants-respondents.

ELLETT, Justice:

The appellant (Globe) was in the business of leasing motor vehicles to the public. The leases were by written documents assigned to the respondent (Bank) which then advanced enough money to Globe to pay for the leased car. By the assignment Bank was shown as the lien holder of the car of which Globe was owner. The bank thus had two security interests to guarantee it against loss, viz: a lien on the vehicle and an assignment of the monthly rental payments...

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