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In re Western Iowa Limestone, Inc.
United States Court of Appeals for the Eighth Circuit
538 F.3d 858 (2008)
Western Iowa Limestone, Inc. (WIL) (plaintiff) sold agricultural lime to Independent Inputs, LLC, Paul Leinen, and Leinen, Inc. (the Dealers). The Dealers paid up front, but the lime was kept at WIL’s quarry. WIL entered Chapter 11 bankruptcy. United Bank of Iowa (United Bank) held a perfected security interest in WIL’s inventory. The lime was liquidated during bankruptcy proceedings. The Dealers objected, arguing that they were buyers in the ordinary course of business (BIOC) and had priority over United Bank. The bankruptcy court held that the Dealers were not BIOC, because they never took physical possession and had no right to recover the lime under Article 2 of Iowa’s Uniform Commercial Code (UCC). The Dealers moved to amend, and the bankruptcy court reversed, holding that the Dealers took constructive possession and were BIOC. The Bankruptcy Appellate Panel (BAP) reversed. The BAP held that the Dealers never had constructive possession, and thus did not reach the question of whether constructive possession could confer BIOC status. The Dealers appealed to the United States Court of Appeals for the Eighth Circuit.
Rule of Law
Holding and Reasoning (Hansen, J.)
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