In Re Western Iowa Limestone, Inc.

HANSEN, Circuit Judge.

This case involves a dispute between a secured lender (who held a security interest in its debtor’s inventory) and subsequent purchasers of that inventory (who left their purchased goods on the debtor’s premises) over whose interest took priority when the debtor filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The bankruptcy court 1 determined that the subsequent purchasers were buyers in the ordinary course of business, as defined in Iowa Code § 554.1201(9) (2005), 2 by virtue of their constructive possession of the goods, giving the buyers…