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CROCKER NAT. BANK v. IDECO DIV. OF DRESSER INDUS.

No. 87-2634.

839 F.2d 1104 (1988)

CROCKER NATIONAL BANK, Plaintiff-Appellant, and T.O.S. Industries, Inc., Intervenor-Appellant, v. IDECO DIVISION OF DRESSER INDUSTRIES, INC., Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

March 15, 1988.

Attorney(s) appearing for the Case

Ann Spiegel, Tim S. Leonard, H. Victor Thomas, Kirklin, Boudreaux & Joseph, Houston, Tex., for T.O.S. Industries, Inc. & Crocker Nat. Bank.

James R. O'Donnell, Kevin F. Risley, Butler & Binion, Houston, Tex., for defendant-appellee.

Before CLARK, Chief Judge, BRIGHT, Senior Circuit Judge, and GEE, Circuit Judge.

BRIGHT, Senior Circuit Judge:

I. BACKGROUND

In this case we determine the security interests, and their relative priority, of appellee Ideco Division of Dresser Industries, Inc. (Seller), the unpaid seller-manufacturer of drilling rigs; appellant T.O.S. Industries, Inc. (Buyer), who agreed to purchase the drilling rigs; and appellant Crocker National Bank (Bank), the holder of a security interest in the Buyer's inventory.

Sometime in 1981, the Buyer...

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