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Sales Keyed to Keating
In re M & S Grading, Inc.
Citation:
457 F.3d 898 (2006)Facts
In March 1999, CIT leased two pieces of equipment to Fehrs Nebraska Tractor & Equipment Co. and retained the certificate of title as required by the Nebraska Certificate of Title Act. In September 2000, while the lease was still active and before all payments had been made, Fehrs sold the equipment to M & S Grading, Inc. Fehrs executed a bill of sale and M & S executed a promissory note for installment payments, but Fehrs did not deliver the certificate of title because Fehrs neither possessed it nor had the right to request it under the lease agreement. Shortly after the sale, Fehrs went out of business and CIT received no further lease payments. In May 2002, M & S filed for Chapter 11 bankruptcy and listed the equipment as property of the bankruptcy estate. When CIT discovered M & S’s ownership claim in late 2003 and M & S refused to relinquish possession, CIT initiated an adversary proceeding to recover the equipment.
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