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SALEM NAT. BANK v. SMITH

No. 88-2715.

890 F.2d 22 (1989)

SALEM NATIONAL BANK, Plaintiff-Appellant, v. Larry J. SMITH, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided November 21, 1989.

Attorney(s) appearing for the Case

Ronald L. Pallmann, Suelthaus & Kaplan, Fairview Heights, Ill., for plaintiff-appellant.

Stephen B. Clark, Asst. U.S. Atty., East St. Louis, Ill., for FmHA.

S. Gene Schwarm, Vandalia, Ill., for debtors.

Pamela S. Lacey, Benton, Ill., for trustee.

Before EASTERBROOK and RIPPLE, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

EASTERBROOK, Circuit Judge.

Purchase-money security interests usually take priority over earlier security agreements with after-acquired-property clauses. A purchase-money advance brings in a new asset, and because the security interest cannot exceed the value of the asset existing creditors are no worse off. At the same time, the purchase-money loan facilitates a transaction that might be too complicated to arrange if the purchase-money lender had to arrange for...

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