Van Diest Supply Co. v. Adrian State Bank

AMDAHL, Justice.

Van Diest Supply Company brought this action against Adrian State Bank to obtain a declaratory judgment that Van Diest’s subordinate security interest in assets of A & B Seed & Chemical Company has priority over a security interest given by A & B to the bank several months earlier., The bank appeals from the judicial declaration that Van Diest’s lien has priority over the bank’s lien because the bank waived, released, or subordinated its security interest to that of Van Diest by failing to advise Van Diest of its claim.

Stipulated facts relative to the creation of the parties’…