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PRODUCTION CREDIT ASS'N v. FARM & TOWN

No. 93-915.

518 N.W.2d 339 (1994)

PRODUCTION CREDIT ASSOCIATION OF the MIDLANDS, Appellee, v. FARM & TOWN INDUSTRIES, INC., Appellant, Dale McGraw, Dorothy L. McGraw, Verle L. McGraw, Roxanne McGraw, McGraw Farms, Ken W. Stam, Constance L. Stam, Gary Williams, Farm Credit Bank of Omaha, J.I. Case Co. d/b/a Case Power & Equipment Co., J.I. Case Company, and J.I. Case Credit Corp., Defendants.

Supreme Court of Iowa.

June 22, 1994.

Attorney(s) appearing for the Case

Richard M. LaJeunesse and Ronald L. Hansel of Hansel & LaJeunesse, Des Moines, for appellant.

Rodney P. Kubat and Jeffrey W. Courter of Whitfield & Eddy, P.L.C., Des Moines, for appellee.

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

ANDREASEN, Justice.

This appeal involves the determination of the validity of and the priority of competing creditors' liens on a debtor's 1991 and 1992 corn crops and proceeds. The district court granted partial summary judgment in favor of the institutional lender on both claims against a grain dealer. We affirm in part and reverse in part.

I. Background and Factual Proceedings.

On August 10, 1990, McGraw Farms, a partnership consisting...

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