[Download] "Bank Gering v. Maudie Glover" by Supreme Court of Nebraska " Book PDF Kindle ePub Free

eBook details

Title: Bank Gering v. Maudie Glover
Author : Supreme Court of Nebraska
Release Date : January 07, 1974
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 59 KB

Description

This appeal involves an interpretation of the notice provision in section 9-504, U. C. C. Defendant-appellee was an accommodation
maker on a note covered by a security interest in certain collateral. The plaintiff-appellant payee took possession of the
collateral, solicited bids, and sold it at private sale. This action is for a deficiency judgment against defendant. The trial
court sustained her motion for summary judgment because no notice of sale was given to defendant, and dismissed plaintiff's
petition. We affirm. In considering the issue presented, we construe section 9-504 (2) and (3), U. C. C., which provides: "(2) If the security
interest secured an indebtedness, the secured party must account to the debtor for any surplus, and, unless otherwise agreed,
the debtor is liable for any deficiency. But if the underlying transaction was a sale of accounts, contract rights, or chattel
paper, the debtor is entitled to any surplus or is liable for any deficiency only if the security agreement so provides.