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FIRST NAT. BANK v. FIRST INTERSTATE BANK

No. 86-283.

758 P.2d 1026 (1988)

FIRST NATIONAL BANK, CORTEZ, COLORADO, a United States Banking Corporation, Appellant (Plaintiff) v. FIRST INTERSTATE BANK, RIVERTON, N.A., Wyoming, a United States Banking Corporation, Appellee (Defendant).

Supreme Court of Wyoming.

Rehearing Granted August 18, 1988.

Attorney(s) appearing for the Case

Donald P. White of White & White, P.C., Riverton, Robert Duitch and Dean T. Ogawa of Duitch & Johnson, P.C., Colorado Springs, for appellant.

Joel M. Vincent of Hettinger, Leedy and Vincent, P.C., Riverton, for appellee.

Before BROWN, C.J., and THOMAS, CARDINE, URBIGKIT and MACY, JJ.

URBIGKIT, Justice.

This appeal presents a UCC and FAA airplane security-interest-priority conflict between two lenders, and raises a question of the validity of antecedent-debt inclusion in document clauses variously labeled dragnet or anaconda. We reverse the trial court's finding that the first recorded security interest should be accorded priority.

The rule here established is that an anaconda or dragnet clause, as a matter of notice to subsequent parties...

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