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CROCKER NAT. BANK v. CLARK EQUIPMENT CREDIT CORP.

Nos. 83-1268, 83-1269.

724 F.2d 696 (1984)

CROCKER NATIONAL BANK, CREDIT ALLIANCE CORPORATION, Appellant, Leasing Service Corporation, v. CLARK EQUIPMENT CREDIT CORPORATION, Appellee, Doyle-Lunstra Sales Corporation. LITTON INDUSTRIES CREDIT CORPORATION, a Delaware Corporation, v. DOYLE-LUNSTRA SALES CORPORATION, a South Dakota Corporation; Clark Equipment Credit Corporation, a Michigan Corporation, Appellee. CROCKER NATIONAL BANK, CREDIT ALLIANCE CORPORATION, and Leasing Service Corporation, Appellees, v. CLARK EQUIPMENT CREDIT CORPORATION, Appellant, Doyle-Lunstra Sales Corporation. LITTON INDUSTRIES CREDIT CORPORATION, a Delaware Corporation, Appellee, v. DOYLE-LUNSTRA SALES CORPORATION, a South Dakota Corporation; Clark Equipment Credit Corporation, a Michigan Corporation, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided January 11, 1984.

Rehearing Denied February 6, 1984.

Attorney(s) appearing for the Case

Steven W. Sanford, Cadwell, Sanford & Deibert, Sioux Falls, S.D., for appellant.

Woods, Fuller, Shultz & Smith P.C., and Stuart L. Tiede, Sioux Falls, S.D., for Clark Equipment Credit Corp.

Before LAY, Chief Judge, HENLEY, Senior Circuit Judge, and ARNOLD, Circuit Judge.

LAY, Chief Judge.

Doyle-Lunstra Equipment Company (DLE) was a corporation located in Sioux Falls and Rapid City, South Dakota, engaged in retail sales, rental, leasing, and servicing of heavy equipment. Clark Equipment Credit Corporation (Clark) was DLE's inventory financier. Clark advanced DLE monies to acquire inventory; in return, Clark was given a floating security interest in all the inventory of DLE (presently and after acquired inventory and proceeds). Clark...

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