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Secured Transactions Keyed to Lopucki
Stockman Bank of Montana v. Mon-Kota, Inc.
Citation:
180 P.3d 1125 (Mont. 2008)Facts
Stockman Bank served as the primary lender for Hardy Farm, Inc. for the 2002 growing season, lending Hardy Farm approximately $5.4 million. Pursuant to the relevant security agreements between Stockman Bank and Hardy Farm, Stockman Bank took a security interest in certain of Hardy Farm’s personal property, including its crops and crop revenues to secure repayment of said loans. Stockman Bank perfected a security interest in the personal property by filing the appropriate financing statements. During the 2002 growing season, AGSCO sold Hardy Farm roughly $500,000 in agricultural chemicals and services using a line of credit approved by Capital Harvest. On October 29, 2002, Capital Harvest filed an agricultural lien with the office of the Montana Secretary of State for the agricultural chemicals furnished.
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