Rev. s. 4-303, 4-104(a)(9) - priority of judgment creditor of bank depositor against bank's setoff
Article Abstract:
The Connecticut Supreme Court gave priority to a judgement creditor in Normand Josef Enterprises, Inc. v. Connecticut National Bank. The bank had improperly dishonored two execution orders for a bank depositor, pitting the creditor against the bank's setoff. The Court found that Revised section 303 of UCC Article 4 did not apply to the conflict, which would have imposed a deadline on the bank under section 104(a)(9) of UCC Article 4. Nonetheless, the Court still found for the creditor.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1995
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Sections 9-306(2), 9-203(3), 2-236(2) - automatic contribution of security interest in identifiable proceeds; rights of consignee's creditors against consignor
Article Abstract:
A 1997 Calif case held that security agreement language describing collateral created a security interest in both the inventory and in the proceeds from its sales. The case centered on a dispute between a flower wholesaler and a grower.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1998
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Section 9-104(i) - exclusion of bank setoff from Article 9 coverage - Pennsylvania common law priority of setoff over perfected security interest in a certificate of deposit
Article Abstract:
A Pennsylvania court, ruling in 1996 case, held the state's common law right of set-off had priority over a bank's perfected possessory security interest in a certificate of deposit.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1997
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- Abstracts: Taking note; securing fees by confessions of judgment. Pay or I'll file charges; using the ultimate threat against an opposing party
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