Court of Appeals for the Fifth Circuit November 10, 1972, 72-1063 (Empire Life Insurance Company of America v. Valdak Corporation)

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GOLDBERG, Circuit Judge:

In this diversity case involving the precipitous diminution in value of stock pledged by defendant as collateral for a loan, plaintiff, suing for a deficiency judgment after a foreclosure sale, advocated one theory of the Uniform Commercial Code; defendant advanced a different reading of the U.C.C., and the trial court applied yet a third application of the Code.