Thompson v. Pineview Peanut Co.

Phipps, Judge.

Kenneth and Recial Thompson appeal from the trial court’s order finding that a security interest held by UAP/Ag Chem, Inc. had priority over Kenneth Thompson’s security interest in the proceeds of Recial Thompson’s 2001 farming crop. The Thompsons contend that the trial court erred in giving priority to UAP because UAP failed to submit proof of its written security agreement in the trial of this interpleader action. We agree and reverse.

1. “A signed security agreement ‘is an absolute requisite to the enforceability of the security interest.’"1 In this case, it is undisputed that…