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CO-ALLIANCE, LLP v. MONTICELLO FARM SERVICE

No. 91A05-1312-PL-607.

7 N.E.3d 355 (2014)

CO-ALLIANCE, LLP, Appellant, v. MONTICELLO FARM SERVICE, INC., Appellee.

Court of Appeals of Indiana.

April 23, 2014.

Attorney(s) appearing for the Case

Brian R. Gates , Timothy W. Woods , J. Thomas Vetne , Jones Obenchain, LLP, South Bend, IN, Attorneys for Appellant.

Elizabeth B. Searle , Ball Eggleston PC, Lafayette, IN, Attorney for Appellee.

OPINION

SHEPARD, Senior Judge.

We conclude that Indiana should follow the majority rule on agreements to modify the priority of liens securing interests in a borrower's assets.

Here, the lender in first position agreed to subordinate part of its lien in favor of a third-position lender, in effect a partial assignment that reduced the extent of its first position. Such a contract should neither harm nor help...

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