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FIRST STATE BANK v. PRODUCERS LIVESTOCK MKTG.

No. 41269.

261 N.W.2d 854 (1978)

200 Neb. 12

FIRST STATE BANK, a corporation, Appellee and Cross-Appellant, v. PRODUCERS LIVESTOCK MARKETING ASSOCIATION NON-STOCK COOPERATIVE, a corporation, Appellant and Cross-Appellees, Impleaded with National Livestock Producers Association, a corporation and Firemen's Insurance Company of Newark, New Jersey, a corporation, Appellants and Cross-Appellees.

Supreme Court of Nebraska.

February 1, 1978.

Attorney(s) appearing for the Case

Leland K. Kovarik of Holtorf, Hansen, Kovarik & Nuttleman, P. C., Gering, brief of Producers Livestock Marketing Association.

Loren G. Olsson of Olsson & Olsson, Scottsbluff, brief of National Livestock Producers Association and Firemen's Insurance Company of Newark, New Jersey.

George P. Burke of Van Steenberg, Myers & Burke, Kimball, for appellee.

Heard before WHITE, C. J., and SPENCER, BOSLAUGH, McCOWN, CLINTON, BRODKEY, and WHITE, JJ.

BOSLAUGH, Justice.

This case involves a controversy concerning a security interest in cattle owned by James W. Faden. Faden, who died on January 12, 1971, was a farmer and rancher who lived in southern Banner County, Nebraska. On November 8, 1965, he executed and delivered a financing statement and security agreement to the plaintiff, First State Bank at Kimball, Nebraska. On that date he borrowed $12,200 from the bank...

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