First National Bank in Lenox v. Lamoni Livestock Sales Co.

McGIVERIN, Chief Justice.

Plaintiff bank appeals from the trial court’s ruling granting summary judgment to both defendants on identical legal grounds. The court held that plaintiff’s security interest in its debtor’s livestock was extinguished pursuant to Iowa Code section 554.9307(1)(1983) 1 upon consignment sale of the livestock by the debtor through a marketing agent of the debtor to a livestock purchaser. Reviewing only the summary judgment ruling and the grounds stated in that ruling, we reverse and remand the case for further proceedings.

I. Background facts and proceedings. The record…