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FIRST NAT. BANK v. LAMONI LIVESTOCK SALES

No. 86-1370.

417 N.W.2d 443 (1987)

FIRST NATIONAL BANK IN LENOX, Appellant, v. LAMONI LIVESTOCK SALES CO. and First National Bank in Creston, Appellees.

Supreme Court of Iowa.

December 23, 1987.

Attorney(s) appearing for the Case

Edgar F. Hansell, W. Don Brittin, Jr., and James C. Wine of Nyemaster, Goode, McLaughlin, Emery & O'Brien, P.C., Des Moines, and David L. Christensen of Wilson, Bonnett & Christensen, P.C., Lenox, for appellant.

Robert C. Rouwenhorst of Davis, Grace, Harvey, Horvath, Gonnerman & Rouwenhorst, Des Moines, for appellee Lamoni Livestock Sales Co.

Jon P. Sullivan of Dickinson, Throckmorton, Parker, Mannheimer & Raife, Des Moines, for appellee First Nat. Bank in Creston.

Considered by McGIVERIN, C.J., and HARRIS, SCHULTZ, LAVORATO and NEUMAN, JJ.

McGIVERIN, Chief Justice.

Plaintiff bank appeals from the trial court's ruling granting summary judgment to both defendants on identical legal grounds. The court held that plaintiff's security interest in its debtor's livestock was extinguished pursuant to Iowa Code section 554.9307(1)(1983)1 upon consignment sale of the livestock by the debtor through a marketing agent of the debtor to a livestock...

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