Question: Executive Financial Services Inc EFS purchased three tractors from Tri

Executive Financial Services, Inc. (EFS), purchased three tractors from Tri- County Farm Company (Tri- County), a John Deere dealership owned by Gene Mohr and James Loyd. The tractors cost $ 48,000, $ 19,000, and $ 38,000. EFS did not take possession of the tractors but instead left the tractors on Tri- County’s lot. EFS leased the tractors to Mohr- Loyd Leasing (Mohr- Loyd), a partnership between Mohr and Loyd, with the understanding and representation by Mohr- Loyd that the tractors would be leased out to farmers. Instead of leasing the tractors, Tri-County sold them to three different ­farmers. EFS sued and obtained judgment against Tri- County, ­Mohr- Loyd, and Mohr and Loyd personally for breach of contract. Because that judgment remained unsatisfied, EFS sued the three farmers who bought the tractors to recover the tractors from them. Did Mohr and Loyd act ethically in this case? Who owns the tractors, EFS or the farmers? Executive Financial Services, Inc. v. Pagel, 238 Kan. 809, 715 P. 2d 381, 1986 Kan. Lexis 290 (Supreme Court of Kansas)

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  • CreatedAugust 12, 2015
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