The Court-appointed Receiver of Northwood Recycling & Energy Inc. moved for an order to relinquish assets subject to BNG Financial's purchase money security interest (PMSI) and to pay BNG $5,000 from the sale of a mixer.
BNG brought a cross-motion seeking compensation for the Receiver's use of the equipment during the receivership and for its diminished value.
The court granted the Receiver's motion and dismissed BNG's cross-motion, finding that BNG failed to establish a claim for unjust enrichment or breach of duty by the Receiver, as BNG could have taken steps to realize on its security at any time.
