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Commercial Law Keyed to Whaley
In re Western Iowa Limestone, Inc.
Citation:
538 F.3d 858 (2008)Facts
Western Iowa Limestone, Inc., borrowed money from Zions First National Bank in 1998, granting Zions a security interest in its assets. Zions properly filed a financing statement to perfect its security interest. However, Zions failed to file a continuation statement within the required five-year period, causing its financing statement to lapse in 2003. In 2004, Western Iowa borrowed money from Grinnell State Bank, which properly perfected its security interest. Later in 2004, Zions discovered its lapse and filed a new financing statement. When Western Iowa filed for bankruptcy in 2005, both banks claimed priority to the same collateral, creating a dispute over which bank had the superior security interest.
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