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Commercial Law Keyed to Whaley
Gibraltar Financial Corp. v. Prestige Equipment Corp.
Citation:
949 N.E.2d 314 (2011)Facts
Gibraltar Financial Corporation provided financing to Wildwood Industries and perfected a security interest in Wildwood’s equipment by filing a financing statement. When Wildwood experienced financial difficulties, it sold some of its equipment to Prestige Equipment Corporation without Gibraltar’s authorization. The security agreement between Gibraltar and Wildwood prohibited Wildwood from selling the collateral without Gibraltar’s consent. After learning of the sale, Gibraltar demanded that Prestige either return the equipment or pay its value. When Prestige refused, Gibraltar filed suit seeking to enforce its security interest in the equipment. Prestige argued that it took the equipment free of Gibraltar’s security interest.
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