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Frierson v. United Farm Agency, Inc.
United States Court of Appeals for the Eighth Circuit
868 F.2d 302 (1988)
Merchants Bank (Merchants) (plaintiff) was granted a security interest in a bank account held by United Farm Agency, Inc. (UFA) (plaintiff). UFA defaulted under the terms of the loan agreement. However, Merchants did not exercise its right to foreclose on the collateral. Thereafter, Retha Frierson (defendant), a creditor holding a lien junior to Merchants’ security interest, levied on the collateral by garnishing the bank account. UFA filed a motion to quash Frierson’s garnishment. Merchants intervened, objecting to the levy on the basis of its prior perfected security interest. The district court concluded that Merchants could not prevent a junior lienholder from levying on the bank account when Merchants had failed to first exercise its own right to levy. The district court denied the motion to quash and ordered that the funds in the bank account be paid to Frierson. Both UFA and Merchants appealed.
Rule of Law
Holding and Reasoning (Magill, J.)
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