American State Bank of Olivia v. Ladwig & Ladwig, Inc.

OPINION

HANSON, Judge.

Respondent farmer agreed to sell a 50% ownership interest in a combine to debtor if debtor made five annual loan payments on the combine. Appellant bank sued respondent farmer to recover possession of the combine in which the bank asserted a 50% ownership interest by foreclosure of its security agreement with debtor. The district court granted summary judgment dismissing the action, concluding that debtor had failed to make the required payments, that debtor thus had no rights in the combine, and that appellant bank’s security interest did not attach. We conclude that the…