On November 18, Firestone & Company made a loan to Edmund Carroll, doing business as Kozy…

On November
18, Firestone & Company made a loan to Edmund Carroll, doing business as
Kozy Kitchen. To secure the loan, a security agreement was executed, which
listed the items of property included, and concluded as follows: “together with
all property and articles now, and which may hereafter be, used or mixed with,
added or attached to, and/or substituted for any of the described property.” A
financing statement that included all the items listed in the security
agreement was filed with the town clerk on November 18 and with the secretary
of state on November 22. On November 25,
»

On November
18, Firestone & Company made a loan to Edmund Carroll, doing business as
Kozy Kitchen. To secure the loan, a security agreement was executed, which
listed the items of property included, and concluded as follows: “together with
all property and articles now, and which may hereafter be, used or mixed with,
added or attached to, and/or substituted for any of the described property.” A
financing statement that included all the items listed in the security
agreement was filed with the town clerk on November 18 and with the secretary
of state on November 22. On November 25, National Cash Register Company
delivered a cash register to Carroll on a conditional sales contract. National
Cash Register filed a financing statement on the cash register with the town
clerk on December 20 and with the secretary of state on December 21. Carroll
defaulted in his payments to both Firestone and National Cash Register.
Firestone repossessed all of Carroll’s fixtures and equipment covered by its
security agreement, including the cash register, and then sold the cash
register. National Cash Register claimed that it was the title owner of the
cash register and brought suit against Firestone for conversion. Did Firestone
or National Cash Register have the better right to the cash register?

»

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