FIRST-CITIZENS BANK v. FOUR OAKS BANK

No. COA02-506.

576 S.E.2d 722 (2003)

FIRST-CITIZENS BANK & TRUST COMPANY, Plaintiff, v. FOUR OAKS BANK & TRUST COMPANY, Defendant.

Court of Appeals of North Carolina.

March 4, 2003.


Attorney(s) appearing for the Case

Ward and Smith, P.A., by J. Michael Fields, Lance P. Martin and Katherine E. Lewis, Greenville, for plaintiff-appellant.

Gordon C. Woodruff, Smithfield, for defendant-appellee.


MARTIN, Judge.

Plaintiff, First-Citizens Bank & Trust Company, brought this action alleging that defendant, Four Oaks Bank & Trust Company, sold collateral, a drill rig engine, in which plaintiff had a superior security interest and appropriated the proceeds to its own use. Plaintiff further alleged that defendant had knowledge of plaintiff's interest in the engine at the time of the sale, and that defendant sold it without notice to, or knowledge of, plaintiff...

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