McILROY BANK & TRUST v. FEDERAL LAND BANK ETC.

No. 79-70.

585 S.W.2d 947 (1979)

McILROY BANK & TRUST FAYETTVILLE, Arkansas, Appellant, v. The FEDERAL LAND BANK OF ST. LOUIS, Appellee.

Supreme Court of Arkansas, Division 2.

September 10, 1979.


Attorney(s) appearing for the Case

John R. Eldridge, III, Fayetteville, for appellant.

C. Thomas Pearson, Jr., and Priscilla Karen Pope, Fayetteville, for appellee.


PURTLE, Justice.

This is a mortgage foreclosure on a grade A dairy farm and the appurtenances and equipment. The Federal Land Bank and the owners negotiated a loan and first mortgage on the property. Subsequently, the owners executed another mortgage as well as a financing statement and security agreement to Mcllroy Bank & Trust. Both the mortgages and the financing statement were duly recorded. Mcllroy claimed a superior lien under the Uniform Commercial Code...

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