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CONCORD CO-OP v. SECURITY STATE BANK

No. C5-88-1095.

432 N.W.2d 195 (1988)

CONCORD CO-OP, Respondent, v. SECURITY STATE BANK OF CLAREMONT, Appellant.

Court of Appeals of Minnesota.

November 29, 1988.

Attorney(s) appearing for the Case

William Oehler, Ward & Oehler, Ltd., Rochester, for respondent.

Mark L. Torgrimson, Michaels, Seeger, Rosenblad & Arnold, Rochester, for appellant.

Heard, considered and decided by SCHUMACHER, P.J., and FOLEY and HUSPENI, JJ.

OPINION

HUSPENI, Judge.

Security State Bank of Claremont (Bank) appeals from a $90,152.74 summary judgment award to respondent Concord Co-op (Co-op). Co-op initiated this lawsuit alleging that it had "leapfrogged" the Bank's prior perfected security interest in crop proceeds and that the Bank's retention of those proceeds was a conversion. Both Co-op and the Bank had statements of subordinated interest from an earlier interest holder, Production Credit Association...

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