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CITIZENS NAT. BANK, ETC. v. MID-STATES DEV. CO.

No. 3-576A122.

380 N.E.2d 1243 (1978)

CITIZENS NATIONAL BANK OF WHITLEY COUNTY, Defendant-Appellant, v. MID-STATES DEVELOPMENT COMPANY, Inc., McMillen Feeder Finance Company, Inc., and Central Soya Company, Inc., Plaintiffs-Appellees.

Court of Appeals of Indiana, Third District.

Rehearing Denied November 17, 1978.

Attorney(s) appearing for the Case

Bloom, Bloom & Fleck, John S. Bloom, William M. Bloom, Columbia City, for defendant-appellant.

Shoaff, Keegan, Baird & Simon, Thomas M. Shoaff and N. Reed Silliman, Fort Wayne, for plaintiffs-appellees.

GARRARD, Presiding Judge.

This appeal requires us to resolve the conflict that arises when a bank exercises a right of set-off against funds in a depositor's account that represent proceeds of accounts receivable and inventory in which a secured party has a perfected interest under the Uniform Commercial Code. The trial court, sitting without a jury, determined that the secured party was entitled to these funds so that the bank's set-off amounted to a wrongful conversion...

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