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CITIZENS SAVINGS BANK v. SAC CITY STATE BANK

65513.

315 N.W.2d 20 (1982)

CITIZENS SAVINGS BANK, Appellant, v. SAC CITY STATE BANK, Appellee.

Supreme Court of Iowa.

Rehearing Denied February 18, 1982.

Attorney(s) appearing for the Case

Harry T. Watts and Barbara G. Barrett of Dickinson, Throckmorton, Parker, Mannheimer & Raife, Des Moines, for appellant.

Thomas L. McCullough and Colin J. McCullough of McCullough Law Firm, P.C., Sac City, for appellee.

Considered by REYNOLDSON, C. J., and LeGRAND, UHLENHOPP, McCORMICK, and SCHULTZ, JJ.

REYNOLDSON, Chief Justice.

In this appeal we are required to examine, as a matter of first impression, several provisions of our Uniform Commercial Code (UCC), chapter 554, The Code, in order to determine which of two Sac City banks, as a prior secured lienholder, is entitled to the liquidated assets of a defunct auto dealership.

Following a bench trial on a petition for declaratory judgment filed by plaintiff Citizens Savings Bank (Citizens), the court held...

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