Valley Bank v. Dowdy
337 N.W.2d 164 (1983)
Legal Analysis
Legal analysis from Dean's Law Dictionary will be displayed here.
Nature Of The Case
This section contains the nature of the case and procedural background.
Facts
D was employed by Weeks Brothers, Inc., which was a customer of P. D and Weeks Brothers agreed that D would purchase, for $16,000.00, the tractor/trailer then owned by Weeks Brothers. P agreed to finance the purchase, provided that Weeks Brothers would cosign the note. D and Weeks Brothers executed a promissory note and security agreement for $16,000.00. The note was to be paid by D in six months. P paid the $16,000.00 proceeds to Weeks Brothers but did not transfer the title to D. Title to the tractor/trailer was held at P in the name of Weeks Brothers, subject to all security interests of P. D had possession from June 17, 1981, until trial. D maintained and repaired the truck, spending $4,658.98 for parts and claiming $2,000.00 for his labor. D moved from Idaho to South Dakota bringing the truck with him. D did not make any payment on principal or interest. P sued for repossession. D counterclaimed for the repairs on the theory of a possessory mechanic's lien, detrimental reliance and promissory estoppel, and negligence seeking recovery of the $6,658.98 spent on maintenance and repairs. The trial court ruling that Bank P entitled to possession and D was entitled to his repair costs based upon detrimental reliance and promissory estoppel. Both parties appealed.
Issues
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Holding & Decision
The court's holding and decision will be displayed here.
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