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Farmers Cooperative Elevator Co. v. Union State Bank
Iowa Supreme Court
409 N.W.2d 178 (1987)
Rodger Cockrum (defendant) owned a hog farm. Union State Bank of Winterset (Union State) (defendant) provided financing for Cockrum’s farm and retained a security interest in Cockrum’s equipment, fixtures, livestock, and supplies, both existing and after-acquired. Subsequently, Farmers Cooperative Elevator Company (CO-OP) (plaintiff) gave Cockrum a series of purchase-money loans to buy feed, retaining a purchase-money security interest (PMSI) in all feed and feeder hogs owned or acquired by Cockrum. Cockrum defaulted on his loans. CO-OP sued Cockrum, United States filed a statement of indebtedness and sought to have its priority in the hogs and all proceeds established. CO-OP amended its suit, naming Union State as a defendant and asserting its own priority in the hogs. The district court ruled on CO-OP’s motion to adjudicate law points that Union State’s lien had priority in the hogs. CO-OP appealed to the Iowa Supreme Court.
Rule of Law
Holding and Reasoning (Larson, J.)
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