Case Study: Pankratz Implement Company V. Citizens National Bank

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In the Pankratz Implement Company v. Citizens National Bank case. Rodger House purchased a tractor through and implement dealer. He financed it through them the finance company secures the loan with the tractor being used as collateral. During the process the customer’s name was spelled incorrectly on the financing paperwork. The original dealer gave the security and interest of the note over to another creditor Citizens National Bank. The new then creditors filed a financing statement with the Kansas Secretary of State using the correct name of Mr. House. A few years later and still owing on the loan for the tractor Mr. House filed bankruptcy. Pankratz file a law suit for the recovery of the tractor because it was used collateral for the

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