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HCC CREDIT CORP. v. SPRINGS VALLEY BANK & TRUST

No. 59S04-9703-CV-222.

712 N.E.2d 952 (1999)

HCC CREDIT CORPORATION, f/k/a Hesston Credit Corp., Appellant (Plaintiff below), v. SPRINGS VALLEY BANK & TRUST, Appellee (Defendant below).

Supreme Court of Indiana.

May 17, 1999.

Attorney(s) appearing for the Case

Garrett B. Hannegan, Morgan & Pottinger, P.S.C., New Albany, Indiana, Attorneys for Appellant.

James C. Tucker, Tucker and Tucker, Paoli, Indiana, Attorneys for Appellee.

SULLIVAN, Justice.

Lindsey Tractor Sales, Inc., sold 14 tractors to a customer and used the $199,122 proceeds to pay off the debt it owed Springs Valley Bank & Trust. Yet HCC Credit Corporation had financed Lindsey's purchase of the tractors and held a valid and perfected security interest in both the tractors and the proceeds from their sale. Because we hold that the payment to the bank was not in the ordinary course of the operation of Lindsey's business, HCC...

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