Fifth Third Bank sought to enforce banking agreements that included pledges of equine collateral. Gulf Coast attempted to prove that the terms of the agreement with the lender were different than contained within the documents executed by the parties. The trial court ruled in favor of Fifth Third by Opinion and Partial Summary Judgment entered on July 30, 2013. Gulf Coast appealed and the Kentucky Court of Appeals affirmed on April 19, 2013, in cases 2011-CA-965/1575/491, the trial court’s rulings in favor of Fifth Third.
In a related case, the US District Court ruled in favor of Fifth Third in its pursuit of proceeds generated from the sale of a share of a stallion, DISTORTED HUMOR that was pledged as collateral and the US Court of Appeals (case 13-6184) for the Sixth Circuit affirmed on July 23, 2014.
Equine collateral/four corners/ambiguity
