Agricredit Acceptance, LLC v. Hendrix
United States District Court for the Southern District of Georgia
82 F. Supp. 2d 1379 (2000)
Agricredit Acceptance Corporation, LLC (AAC) (plaintiff) provided a loan to Thomas Hendrix that was secured by his cotton crop. Hendrix was to retain possession of the cotton and sell the cotton through Sea Island Cotton Trading (Sea Island). Various warehouses issued electronic warehouse receipts (EWRs) for the cotton. Several cotton merchants (merchants) (defendants) purchased the cotton and paid Sea Island. The EWRs were then transferred into the merchants’ names. However, Sea Island never paid AAC or Hendrix for the sold cotton. AAC sued the merchants for possession of the cotton based on AAC’s security interest in the cotton. The merchants moved for summary judgment, arguing that (1) their interest in the cotton had priority over AAC’s and (2) AAC waived the priority of its security interest by entrusting the cotton to Hendrix.
Rule of Law
Holding and Reasoning (Nangle, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 177,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.