Army National Bank v. Equity Developers, Inc.

The opinion of the court was delivered by

Six, J.;

This case presents a first impression issue involving a mortgagee’s transfer and assignment of notes and mortgages as security for its own borrowing. We are requested to establish the appropriate controlling law to be applied in the determination of the relative priorities of competing interests. The issue is centered within the relationship of Article 9 of the Uniform Commercial Code, Kansas real estate recording statutes, the perfection of an Article 9 UCC instrument secured by real estate, and priority to foreclose a real estate mortgage.…