26.5 Consumer Leasing Joyce
26.7 Fair Debt Collection Stanley
27.1 Financing Statement C&H Trucking, Inc.
27.2 Priority of Security Agreements World Wide Tracers, Inc
27.4 Priority of Security Interests
27.5 Purchase Money Security Interest Prior Brothers, Inc
27.7 Buyer in the Ordinary Course of Business
26.1 Mechanic’s Lien Ironwood Exploration, Inc.
(Ironwood) owned a lease on oil and gas property located in
Duchesne County, Utah. Ironwood contracted to have Lantz Drilling
and Exploration Company, Inc. (Lantz), drill an oil well on the
property. Thereafter, Lantz rented equipment from Graco Fishing and
Rental Tools, Inc. (Graco), for use in drilling the well. Graco billed
Lantz for these rentals, but Lantz did not pay. Graco filed a notice of a
mechanic’s lien on the well in the amount of $19,766. Ironwood,
which had paid Lantz, refused to pay Graco. Graco sued to foreclose
on its mechanic’s lien. Who wins?
Graco Fishing and Rental Tools, Inc. v. Ironwood Exploration, Inc.,
766 P.2d 1074, 98 Utah Adv. Rep. 28, Web 1988 Utah Lexis 125
(Supreme Court of Utah)
26.2 Foreclosure Atlantic Ocean Kampgrounds, Inc. (Atlantic)
borrowed $60,000 from Camden National Bank (Camden National)
and executed a note and mortgage on property located in Camden,
Maine, securing that amount. Maine permits strict foreclosure.
Atlantic defaulted on the loan, and Camden commenced strict
foreclosure proceedings pursuant to state law. After the one-year
period of redemption, Camden National sold the property to a third
party in an amount in excess of the mortgage and costs of the
foreclosure proceeding. Atlantic sued to recover the surplus from
Camden National. Who wins? Atlantic Ocean Kampgrounds, Inc. v.