Ottumwa Production Credit Ass'n v. Keoco Auction Co.

LARSON, Justice.

The issue in this case is whether the Keoco Auction Co. (Keoco) is liable in a conversion action by the Ottumwa Production Credit Association (P.C.A.) for selling hogs in which the P.C.A. claimed a security interest. The district court held that the P.C.A. retained a valid security interest despite Keoco’s argument that it had been waived by the P.C.A. when it consented to the sale. The court also held that the Packers and Stockyards Act, 7 U.S.C. § 205 (1982), provided no relief for the auction company. Judgment was entered against Keoco, which has appealed. We reverse and…