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PEOPLES TRUST & SAV. BANK v. SEC. SAV. BANK

No. 10-1291.

815 N.W.2d 744 (2012)

PEOPLES TRUST & SAVINGS BANK, Appellee, v. SECURITY SAVINGS BANK, Appellant.

Supreme Court of Iowa.

June 22, 2012.

Attorney(s) appearing for the Case

Steven W. Hendricks of Kersten Brownlee Hendricks L.L.P., Fort Dodge, for appellant.

Gary A. Norton of Whitfield & Eddy, P.L.C., Des Moines, for appellee.

APPEL, Justice.

This case presents a battle between banks over the proceeds of the sale of cattle by a financially strapped borrower who had financial dealings with both banks. When Security Savings Bank (Security) obtained the proceeds of the sale, Peoples Trust and Savings Bank (Peoples) claimed a security interest in the proceeds and sued for conversion.

Peoples filed a motion for summary judgment. The district court found that under the undisputed facts...

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