Lanesboro State Bank v. Fishbaugher

OPINION

FOLEY, Judge.

Lanesboro State Bank sued Lee & John’s Livestock, claiming conversion of livestock which secured a bank loan to Richard Hall. The trial court granted the bank’s motion for summary judgment and entered a money judgment of $12,293.56 against Lee & John’s, holding that the bank’s security interest was valid and enforceable and that the bank was entitled to 75% of the proceeds of sales made by Lee & John’s in 1981 and 1982. Lee & John’s appeals, claiming that: (1) the security agreement between the bank and farmer Hall was void because Hall could not legally assign partnership…