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NAT. BUS. SYSTEMS v. BORG-WARNER ACCEPTANCE CORP.

No. 85-5153.

792 F.2d 710 (1986)

NATIONAL BUSINESS SYSTEMS, INC. and Richfield Bank & Trust Co., Appellees, v. BORG-WARNER ACCEPTANCE CORPORATION, and Thomas W. Ichelson, Appellants.

United States Court of Appeals, Eighth Circuit.

Filed June 10, 1986.

Attorney(s) appearing for the Case

David K. Hackley, Edina, Minn., for appellants.

James W. Reuter, Minneapolis, Minn., for appellees.

Before LAY, Chief Judge, FAGG, Circuit Judge, and McMANUS, Senior District Judge.

FAGG, Circuit Judge.

This diversity case arises from the sale in Minnesota of a yacht in which Richfield Bank & Trust Co. (Richfield Bank) held a perfected security interest and the yacht's removal by the purchaser, Thomas Ichelson, to Iowa, where Borg-Warner Acceptance Corporation (Borg-Warner) filed a financing statement on the yacht. On the basis of stipulated facts, the district court entered an order granting summary judgment to Richfield Bank and National...

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