(Download) "Benschoter v. First National Bank of Lawrence" by Supreme Court of Kansas ~ eBook PDF Kindle ePub Free
eBook details
- Title: Benschoter v. First National Bank of Lawrence
- Author : Supreme Court of Kansas
- Release Date : January 08, 1975
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 71 KB
Description
The opinion of the court was delivered by This is an appeal from an order of the trial court granting a creditor judgment thereby affirming the creditor's self-help repossession of the plaintiff's property (pledged as security for a loan) pursuant to K.S.A. 84-9-503. The provision of that statute in the Uniform Commercial Code pertinent to this appeal reads: Unless otherwise agreed a secured party has on default the right to take possession of the collateral. In taking possession a secured party may proceed without judicial process if this can be done without breach of the peace or may proceed by action. . . . The facts leading to the challenged self-help repossession are not complicated. Don Benschoter (plaintiff-appellant) is a farmer and security guard in Lawrence, Kansas. On June 15, 1971, he negotiated a loan from Mr. Warren Rhodes, president of the First National Bank of Lawrence (hereafter referred to as the Bank). The appellant signed a $4,096.73 promissory note and security agreement secured by various items of farm equipment: a combine, a grain drill, a hay conditioner and a cadet mower. This security agreement gave the Bank the remedies of a secured party under the Kansas Uniform Commercial Code and specifically provided that upon default Secured Party [Bank] shall have the right to the immediate possession of the Collateral. The seller of the farm equipment which was pledged as security, Kuhn Truck and Tractor Company, Inc., (hereafter referred to as the Kuhn Company) endorsed the bank note evidencing the loan as guarantor.