Federal Land Bank of Springfield v. Steffan

OPINION OF THE COURT

John R. Tenney, J.

In this mortgage foreclosure action, two creditors are claiming a prior right to certain silos located on the mortgaged premises. The plaintiff claims the silos were covered under the mortgage agreement, and one of the defendants, the Marine Midland Bank, claims it has a prior lien because it has filed a UCC-1 financing statement which gives it a security interest in all of the farm products and equipment. The plaintiff met the fixture filing requirements of the Uniform Commercial Code, but that filing has lapsed because a continuation statement was not…