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LINN CO-OP. OIL v. NORWEST BANK MARION

No. 88-968.

444 N.W.2d 497 (1989)

LINN COOPERATIVE OIL COMPANY, Appellee, v. NORWEST BANK MARION, N.A., f/k/a First National Bank of Marion, Appellant.

Supreme Court of Iowa.

August 16, 1989.

Attorney(s) appearing for the Case

Roger W. Stone and Linda M. Kirsch of Simmons, Perrine, Albright & Ellwood, Cedar Rapids, for appellant.

Gregory D. Kingery of Ackley, Kopecky & Kingery, Cedar Rapids, for appellee.

Considered by LARSON, P.J., and CARTER, NEUMAN, SNELL, and ANDREASEN, JJ.

CARTER, Justice.

The defendant, Norwest Bank of Marion (the bank), appeals from a decision finding that it had improperly converted to its own use the proceeds of a grain sale subject to the security interest of the plaintiff, Linn Cooperative Oil Company. The bank contends that, because it received these proceeds as a payment in the ordinary course of business, its receipt of the funds was free of any claim of the plaintiff. After considering the arguments of the...

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