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SOUTHEASTERN FIN. CORP. v. NBD

Docket No. 79087.

145 Mich. App. 717 (1985)

377 N.W.2d 900

SOUTHEASTERN FINANCIAL CORPORATION v. NATIONAL BANK OF DETROIT

Michigan Court of Appeals.

Decided September 16, 1985.

Attorney(s) appearing for the Case

Jaffe, Snider, Raitt & Heuer (by Stephen G. Schafer and Eric A. Linden), for plaintiff.

Stephen A. Lang and Thomas G. Peck, for defendant.

Before: D.E. HOLBROOK, JR., P.J., and T.M. BURNS and W.J. CAPRATHE, JJ.

D.E. HOLBROOK, JR., P.J.

Plaintiff appeals by leave granted from the lower court's decision holding that its perfected security interest was subordinate to defendant Bank's right of setoff. The debtor, Artistic Furniture Company, owed both plaintiff and defendant. When funds were mistakenly deposited in Artistic's account at defendant Bank, rather than being sent to plaintiff, the bank exercised its right of setoff. It is undisputed that plaintiff had a perfected...

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