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WO CO. v. BENJAMIN FRANKLIN CORP.

No. 77-1070.

562 F.2d 1339 (1977)

WO CO. (Formerly NYTCO Leasing, Inc.), Plaintiff, Appellant, v. BENJAMIN FRANKLIN CORPORATION, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided September 30, 1977.

Attorney(s) appearing for the Case

Richard B. Couser, Concord, N. H., with whom Orr & Reno Professional Ass'n, Concord, N. H., was on brief, for plaintiff, appellant.

Bernard A. Dwork, Boston, Mass., with whom John C. Ottenberg and Barron & Stadfeld, Boston, Mass., was on brief, for defendant, appellee.

Before COFFIN, Chief Judge, MILLER, Judge, CAMPBELL, Circuit Judge.

LEVIN H. CAMPBELL, Circuit Judge.

In this diversity action for conversion of property claimed as collateral for a purchase price financing arrangement, WO Co. sought damages against the Benjamin Franklin Corporation (Franklin), which had sold the property to itself at a foreclosure sale pursuant to a competing security interest. Franklin answered that its claim to the disputed property was senior to WO Co.'s, but that in any event WO Co.'s interest was limited to...

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