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Commercial Law Keyed to Whaley
Border State Bank of Greenbush v. Bagley Livestock Exchange, Inc.
Citation:
690 N.W.2d 326 (2004)Facts
Border State Bank provided loans to farmer Orville Moen and held a perfected security interest in Moen’s livestock as collateral. The security agreement required Moen to obtain the bank’s permission before selling any collateral and to remit proceeds directly to the bank. Between 2000 and 2002, Moen sold cattle through Bagley Livestock Exchange without the bank’s authorization and did not remit the proceeds to the bank. Bagley was aware of the bank’s security interest through filed financing statements but proceeded with the sales anyway. When the bank discovered the unauthorized sales, it sued Bagley for conversion of its collateral, seeking the value of the cattle sold.
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