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UNITED COOPERATIVES v. LIBEL OIL CO.

No. 57,071

10 Kan. App. 2d 427 (1985)

699 P.2d 1040

UNITED COOPERATIVES, a corporation, Appellant, v. LIBEL OIL COMPANY, INC., Defendant, and VALLEY STATE BANK, Intervenor-Appellee.

Court of Appeals of Kansas.

Opinion filed May 23, 1985.

Attorney(s) appearing for the Case

Timothy J. Carmody, of Lenexa, and J. Michael Murphy, of Liberty, Missouri, for the appellant.

Richard L. Reid, of Kansas City, for the appellee.

Before BRISCOE, P.J., REES, J., and HARRY G. MILLER, District Judge Retired, Assigned.

BRISCOE, J.:

United Cooperatives, the plaintiff, appeals a judgment which held its claim to defendant Libel Oil's accounts receivable to be subordinate to the security interest of Valley State Bank, the intervenor.

Libel Oil borrowed $115,000 from Valley State Bank in June, 1980. The parties signed a security agreement giving the Bank a security interest in "All Accounts Receivable now owned or hereafter acquired."

The Bank filed a financing statement...

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