Flightcraft, Inc. v. Continental Desert Properties, Inc.

THORNBERRY, Circuit Judge:

This case concerns the relative priority under Louisiana law of an out-of-state purchase money security interest and a Louisiana artisan’s lien. Because we think Louisiana clearly accords priority to the purchase money security interest, we affirm the district court.

I

In 1982, Flightcraft, Inc. and Beech Acceptance Corp. (referred to collectively as “Beech”) lent nearly $2 million to Continental Desert Properties for the purchase of a Beechcraft aircraft. Continental gave in exchange a promissory note and a security interest in the aircraft. The security agreement,…