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ALLIED PRODUCTS CORP. v. ARROW FREIGHTWAYS

No. 15623.

724 P.2d 752 (1986)

104 N.M. 544

ALLIED PRODUCTS CORP., et al., Plaintiffs-Appellants, v. ARROW FREIGHTWAYS, INC., et al., Defendants-Appellees, and PACIFIC AMERICAN LEASING CORPORATION, Plaintiff-Appellant, v. ARROW FREIGHTWAYS, INC., and Harold O. Volden, Defendants-Appellees, and MID-CONTINENT SYSTEMS, INC., Plaintiff-Appellant, v. ARROW FREIGHTWAYS, INC., Defendants-Appellees, and First City National Bank, now known as Moncor Bank, Defendant/Garnishee-Appellee.

Supreme Court of New Mexico.

Rehearing Denied September 26, 1986.

Attorney(s) appearing for the Case

Louis J. Vener, Albuquerque, for Allied Products Corp.

Shaffer, Butt, Thornton & Baehr, John S. Stiff, Albuquerque, for defendant/garnishee-appellee Moncor Bank.

Eaves & Darling, Peter F. Lindborg, Albuquerque, for defendant-appellee Harold O. Volden.

OPINION

SOSA, Senior Justice.

Plaintiffs are judgment creditors of Arrow Freightways, Inc. (Arrow). They filed suit to void or subordinate to their claims a series of transactions by which defendants Ethel and Harold O. Volden (Voldens) exchanged their stock in Arrow for a security interest in all the assets of the corporation, which Voldens subsequently repossessed and liquidated. After trial, the court dismissed the claims against Voldens. Plaintiffs appeal...

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