FIRST CITIZENS BANK & TRUST COMPANY v. Larson

MORRIS, Judge.

Both appellants bring forward and argue exception No. 1— whether the trial court erred in concluding, as a matter of law, plaintiff had no duty to defendants to file the security agreement to protect the collateral for defendant endorsers and that the failure to file did not discharge the endorsers and they remained bound to plaintiff pursuant to their endorsements.

The transaction giving rise to this action occurred subsequent to the effective date of the Uniform Commercial Code. We look, therefore, to its provisions for an answer to the questions raised.

Both counsel for…