First Bank & Trust of Jonesboro v. State

Banke, Judge.

This is an action by the state to condemn an aircraft which was seized while being used to transport marijuana. See generally Code Ann. § 79A-828. The appellant, First Bank and Trust of Jonesboro, Arkansas, claimed a security interest in the aircraft based on a security agreement executed by the purported owner, Edd Conn Aircraft Sales, Inc., in connection with a loan made to the corporation by the bank. See generally Code Ann. § 79A-828 (a) (4) (iii). Following a hearing, the trial court determined that the bank had no bona fide security interest in the plane at the time of its…