Peoples Bank v. Bryan Brothers Cattle Co.
United States Court of Appeals for the Fifth Circuit
504 F.3d 549 (2007)
- Written by Douglas Halasz, JD
Facts
Cornerstone entered into a security agreement with Dickerson in 1999. In the security agreement, Dickerson, who was in the farm-products business, pledged all livestock, including cattle, as collateral. The security agreement did not specifically indicate that Dickerson pledged after-acquired livestock as collateral. However, Dickerson separately gave Cornerstone a security interest in other property that did specifically cover after-acquired property. Peoples Bank (Peoples) (plaintiff) argued that Cornerstone’s security interest did not attach to cattle acquired approximately five years after the security agreement was entered into because the security agreement lacked an after-acquired property clause. Peoples bolstered its argument by contending that Dickerson did not intend to pledge after-acquired cattle as collateral because Dickerson had specifically included after-acquired property regarding the other, separate security interest but not for the security interest in the livestock.
Rule of Law
Issue
Holding and Reasoning (Reavley, J.)
What to do next…
Here's why 832,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 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.
