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FIRST NAT BANK v. MERCHS. INS.

65 A.D.2d 59 (1978)

First National Bank of Highland, Respondent, v. Merchants Mutual Insurance Company, Appellant

Appellate Division of the Supreme Court of the State of New York, Third Department.

November 30, 1978

Attorney(s) appearing for the Case

Ryan, Bradley, Kerr & Dall Vechia, P. C. (Vincent Bradley and David J. Gaffney of counsel), for appellant.

Stewart T. Schantz, P. C. (John G. Sisti of counsel), for respondent.

MAIN and MIKOLL, JJ., concur with KANE, J. P.; LARKIN and HERLIHY, JJ., dissent and vote to reverse in an opinion by LARKIN, J.

KANE, J. P.

The issue to be resolved on this appeal is whether the holder of a perfected security interest in an automobile is entitled to payments arising from a policy of collision insurance upon destruction of the vehicle as the "proceeds" of collateral pursuant to section 9-306 of the Uniform Commercial Code.

The pertinent facts are not disputed. On July 23, 1974, Lucy and Dennis Brady executed an...

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