United States v. Farmers Cooperative Company

Farmers Cooperative Company appeals from the grant of summary judgment by the District Court 1 for the Southern District of Iowa. We affirm.

In exchange for loans received from the Farmers Home Administration (FmHA), David and Marilyn Libby executed promissory notes and security agreements giving the FmHA a security interest in all crops and farm products then owned or thereafter acquired by the Libbys. Financing statements covering the crops and farm products were filed with the Secretary of State of Iowa.

The Libbys subsequently defaulted on the loans. From November 1, 1979, through March 1,…