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ARMY NAT'L BANK v. EQUITY DEVELOPERS, INC.

No. 61,185

245 Kan. 3 (1989)

774 P.2d 919

ARMY NATIONAL BANK and MARYVILLE BANCSHARES, INC., Appellees, v. EQUITY DEVELOPERS, INC., a Kansas corporation; GREENBROOK DEVELOPMENT CORPORATION, a Kansas corporation; EQUIBANK CORPORATION, a Kansas corporation; THE BANK OF KANSAS CITY, a Missouri corporation; PIONEER MATERIALS, INC.; THE WALT KEELER CO., INC.; J. STANLEY MINTER, d/b/a MINTER DRYWALL; JAY D. SOOTER and PATRICIA M. SOOTER, d/b/a CONCRETE SYSTEMS; SOOTER EXCAVATING, INC.; ARTISCAPE, INC.; DAVID HALL ROOFING; WICHITA AIR CONDITIONING CO., INC.; STAR LUMBER SUPPLY CO., INC.; L & S SHEET METAL, INC.; KAUFMAN MEEKS, INC., a Texas corporation; ROBERT L. MOELLINGER; REEVES-WIEDEMAN COMPANY, a Kansas corporation; KEITH WIRTHS EXCAVATING CO., INC.; KEN BELL DRYWALL CO., INC., a Kansas corporation; DANNIE R. WIENS CONSTRUCTION CO.; EATON PLUMBING CO., INC., a Kansas corporation; McCULLOUGH EXCAVATION, INC., a Kansas corporation; WICHITA DRYWALL & ACOUSTICAL SUPPLY, INC., a Kansas corporation; TRIPLE R. ROOFING; MID-KANSAS CONSTRUCTION CO., INC., a Kansas corporation; W.B. CARTER CONSTRUCTION COMPANY, INC., a Kansas corporation; THE UNITED STATES OF AMERICA; THE STATE OF KANSAS; KITCHEN DESIGN, INC., a Kansas corporation; BOYD POWELL, d/b/a BOYD POWELL FLOOR COVERING CO., EMCO INSULATION & SUPPLY CO.; MICHAEL P. ALEXANDER; RONALD D. CUNNINGHAM; and SCHULTE & BOHRER CONSTRUCTION CO., Appellants.

Supreme Court of Kansas.

Opinion filed May 26, 1989.

Attorney(s) appearing for the Case

James C. Mordy, of Morrison, Hecker, Curtis, Kuder & Parrish, of Kansas City, Missouri, argued the cause, and Morris J. Nunn and Dennis M. Garvis, of the same firm, Craig T. Limbocker, of the same firm, of Wichita, and E. Whitney Drake, Special Counsel, Complex Litigation, of Washington, D.C., and Janine Hassler, Staff Attorney, of Kansas City, Missouri, were on the briefs for appellant Federal Deposit Insurance Corporation.

Walter C. Williamson, of Williamson, McGee, Griggs & DeMoss, Chartered, of Wichita, argued the cause, and Andrea M. Ramsay, of the same firm, was with him on the brief for appellant Equibank Corporation.

Richard D. Greene, of Morris, Laing, Evans, Brock & Kennedy, Chartered, of Wichita, argued the cause, and Donald E. Schrag, of the same firm, was with him on the brief for appellees Army National Bank and Maryville Bancshares, Inc.

The opinion of the court was delivered by

SIX, J.:

This case presents a first impression issue involving a mortgagee's transfer and assignment of notes and mortgages as security for its own borrowing. We are requested to establish the appropriate controlling law to be applied in the determination of the relative priorities of competing interests. The issue is centered within the relationship of Article 9 of the Uniform Commercial Code, Kansas real estate recording...

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