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MARTIN MARIETTA CORP. v. N. J. NAT. BANK

No. 79-1447.

612 F.2d 745 (1979)

MARTIN MARIETTA CORPORATION, a Corporation of the State of Maryland, Appellant, v. NEW JERSEY NATIONAL BANK, a National Banking Association, Defendant and Plaintiff on Counterclaim, v. TAMBURELLI PROPERTIES, INC., Additional Defendant on Counterclaim.

United States Court of Appeals, Third Circuit.

Decided December 28, 1979.

Attorney(s) appearing for the Case

Jerome J. Graham, Jr., Laurence Reich, William A. Carpenter, Jr., Carpenter, Bennett & Morrissey, Newark, N.J., for appellant.

Richard N. Shaine, Stark & Stark, Lewis J. Pepperman, Trenton, N.J., for appellee.

Before SEITZ, Chief Judge, ALDISERT, Circuit Judge, and HUYETT, District Judge.

OPINION OF THE COURT

SEITZ, Chief Judge.

This is a diversity case involving New Jersey law in which the plaintiff, Martin Marietta Corp., appeals from a final judgment for the defendant, New Jersey National Bank. After trial without a jury, the district court held that the defendant's security interest in certain sand held as inventory takes precedence over the rights of the plaintiff because the plaintiff does not qualify as a buyer in ordinary course under...

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