Planters Production Credit Association v. Bowles

J. FRED Jones, Justice.

This is an appeal by Planters Production Credit Association, hereafter referred to as “PCA,” from a chancery court decree denying judgment against the purchasers of cotton from Charles W. Bowles in a suit brought by PCA against Bowles and the purchasers of cotton raised by him and upon which PCA had perfected a secuity interest lien.

PCA was an association composed of approximately 365 members who borrowed money from the association to finance their individual farming operations. The association obtained the money it loaned to its members from federal sources and each…