National Business Systems, Inc. And Richfield Bank & Trust Co. v. Borg-Warner Acceptance Corporation, and Thomas W. Ichelson

FAGG, Circuit Judge.

This diversity case arises from the sale in Minnesota of a yacht in which Richfield Bank & Trust Co. (Richfield Bank) held a perfected security interest and the yacht’s removal by the purchaser, Thomas Ichelson, to Iowa, where Borg-Warner Acceptance Corporation (Borg-Warner) filed a financing statement on the yacht. On the basis of stipulated facts, the district court entered an order granting summary judgment to Richfield Bank and National Business Systems (NBS) on their claims that (1) Richfield Bank’s security interest in the yacht is superior to Borg-Warner’s and (2)…