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GENERAL ELEC. CAPITAL CORP. v. CENTRAL BANK

No. 93-2951.

49 F.3d 280 (1994)

GENERAL ELECTRIC CAPITAL CORPORATION, Plaintiff-Appellant, v. CENTRAL BANK, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Reargued September 12, 1994.

Decided February 22, 1995.

Rehearing and Suggestion of Rehearing Denied April 10, 1995.

Attorney(s) appearing for the Case

Bruce A. McIlnay (argued) and Mark S. Schmitt, Miller, Simon & Maier, Milwaukee, WI, for plaintiff-appellant.

Eugene A. Kershek (argued) and Mark E. Kershek, Kershek & Kershek, Milwaukee, WI, for defendant-appellee.

Before LAY, EASTERBROOK, and KANNE, Circuit Judges.

Rehearing and Suggestion of Rehearing En Banc Denied April 10, 1995.

EASTERBROOK, Circuit Judge.

Duchow's Marine, Inc., financed its inventory of boats with a loan from General Electric Capital Corporation (GECC), which took a security interest in the boats and the proceeds from their sale. The security interest was perfected under Wisconsin law. Duchow's Marine and its owner Roger Duchow (collectively Duchow) promised to deposit proceeds into an account from...

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