J & M Cattle Co. v. Farmers National Bank

W. JONES, Justice.

This appeal arises from the sale of dairy cattle subject to Appellant Farmers National Bank’s (FNB) perfected security interest and Respondent J & M Cattle Company’s (J & M) agister’s lién. The net sale proceeds received from the sale of the dairy cattle are insufficient to satisfy both FNB’s perfected *692security interest and J & M’s agister’s lien. J & M filed an action for declaratory relief to resolve FNB’s and J & M’s competing interests. Although FNB’s perfected security interest has a priority date that predates J & M’s agister’s lien, the district court determined that…