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National Bank of Andover, N.A. v. Aero Standard Tooling, Inc.
Kansas Court of Appeals
49 P.3d 547 (2002)
Facts
In December 1989, Gomer and Herb Jones filed a security agreement that gave them a perfected security interest in the equipment of Aero Standard Tooling, Inc. (AST). The Joneses did not file a continuation statement in December 1994, so they no longer had a perfected interest. Meanwhile, National Bank of Andover (National Bank) filed a financing statement in March 1992 that included AST’s equipment and filed a continuation statement in December 1996, continuing its perfected status through December 2001. National Bank’s security interest was ultimately assigned to Ed Petty Construction and Leasing, Inc. (Petty). Herb took possession of the AST property in February 1997. When some of the AST property was sold, litigation followed, and the trial court found that Herb’s interest was junior to Petty’s interest. Herb appealed that decision. He argued that his security interest was perfected by possession and that he should have priority over Petty. The equipment in question had sold but did not earn a high enough price to completely pay off Petty’s interest.
Rule of Law
Issue
Holding and Reasoning (Marquardt, J.)
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