Peoples State Bank of Truman, Inc. v. Molstad Excavating, Inc.

VANDE WALLE, Chief Justice.

[¶ 1] Peoples State Bank of Truman (“Bank”), now known as Profinium Financial, brought a summary judgment motion against Molstad Excavating (“Molstad”) claiming the Bank is entitled to $20,000 being held by Molstad. FGOH20 (“Fargo Water”) also brought a summary judgment motion claiming it was entitled to the $20,000 held by Molstad. Judgment was entered in favor of Fargo Water and the Bank appealed. We affirm.

I

[¶ 2] Haycraft Construction, Inc. (“Haycraft”) borrowed money from the Bank. To secure repayment of this debt, Haycraft executed a security agreement pledging…