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26.3 Redemption
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