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FARMERS CO-OP. ELEVATOR v. UNION ST. BANK

No. 86-680.

409 N.W.2d 178 (1987)

FARMERS COOPERATIVE ELEVATOR COMPANY, Earlham, Iowa, Appellant, v. UNION STATE BANK, Appellee, Rodger O. Cockrum and International Barter Corporation, Defendants.

Supreme Court of Iowa.

July 22, 1987.

Attorney(s) appearing for the Case

T. Scott Bannister of Hanson, Bjork & Russell, Des Moines, for appellant.

John E. Casper of Flander & Casper, Winterset, for appellee Union State Bank of Winterset.

Considered by REYNOLDSON, C.J., and HARRIS, LARSON, LAVORATO, and NEUMAN, JJ.

LARSON, Justice.

Rodger Cockrum operated a farm and hog confinement operation in Madison County, Iowa. For several years financing for a substantial portion of the operation came from Union State Bank of Winterset (Union State). In February 1981, Union State loaned Cockrum a large sum of money and took a security agreement covering all equipment and fixtures, including but not limited to sheds and storage facilities, used or acquired for use in farming operations...

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