According to a report that appeared on the Madison County Record website, a federal appeals panel affirmed a judgment that awarded $2.4 million in damages to Caterpillar Financial in a case brought against People’s National Bank.

The Record said, according to the federal appeals opinion, the case involved borrowings of a coal company from both the bank and Cat Financial that were secured by the same equipment. The case also involved a third party with a “missing security agreement.”

The arguments centered around security interest priority, which the appeals panel determined belonged to Caterpillar. According to the Record, the judge said the bank had no right to the proceeds from a sale and noted the judgment that awarded $2.4 million to Caterpillar was proper.

To read the Madison County Record story click here.