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BOATMEN'S NAT. BANK v. SEARS, ROEBUCK AND CO.

No. 96-2192.

106 F.3d 227 (1997)

THE BOATMEN'S NATIONAL BANK OF ST. LOUIS, a National Banking Association, Plaintiff/Appellant, v. SEARS, ROEBUCK AND COMPANY, Defendant/Appellee.

United States Court of Appeals, Eighth Circuit.

Filed February 5, 1997.

Attorney(s) appearing for the Case

Eric David Paulsrud, argued, St. Louis, MO (Joseph J. Trad, Robert B. Hoemeke, on the brief), for appellant.

Arthur L. Klein, argued, Chicago, IL (Leslie W. Loftus, Kurt S. Odenwald, on the brief), for appellee.

Before WOLLMAN and MURPHY, Circuit Judges, and TUNHEIM, District Judge.

MURPHY, Circuit Judge.

In exchange for a $5,000,000 revolving line of credit, Boatmen's National Bank of St. Louis (Boatmen's) took a security interest in the accounts receivable of Boardman's Printing Company (BPC). BPC defaulted on its loan and Boatmen's took assignment of BPC's accounts receivable. At the time of default, Sears, Roebuck and Company (Sears) owed BPC $909,641.52 for the printing of advertising circulars. When Boatmen's attempted to collect the money...

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