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VAN DIEST SUPPLY CO. v. ADRIAN STATE BANK

No. 50926.

305 N.W.2d 342 (1981)

VAN DIEST SUPPLY COMPANY, Respondent, v. ADRIAN STATE BANK, Appellant.

Supreme Court of Minnesota.

May 8, 1981.

Attorney(s) appearing for the Case

Brecht, Hedeen & Hughes and William T. Hedeen, Worthington, Faegre & Benson and Hendrik De Jong, Minneapolis, for appellant.

Gislason, Dosland, Hunter & Malecki, and Robert M. Halvorson, New Ulm, for respondent.

Considered and decided by the court en banc without oral argument.

AMDAHL, Justice.

Van Diest Supply Company brought this action against Adrian State Bank to obtain a declaratory judgment that Van Diest's subordinate security interest in assets of A & B Seed & Chemical Company has priority over a security interest given by A & B to the bank several months earlier. The bank appeals from the judicial declaration that Van Diest's lien has priority over the bank's lien because the bank waived, released, or subordinated its...

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