Lisbon Bank and Trust Company v. Murray

McCORMICK, Justice.

This appeal involves a problem under the Uniform Commercial Code arising out of a sale of cattle. Plaintiff Lisbon Bank and Trust Company loaned defendants to cross-petition (Glenn Meier and Joan Meier) $6620.00 on January 15, 1969, to purchase 48 Holstein heifers and received a duly perfected security interest in the cattle. On March 25, 1969, Glenn Meier sold 12 of the heifers to defendant Richard Murray for $2428.80. Subsequently the Meiers defaulted on their note and filed bankruptcy. The bank seeks in this action to collect $2428.80 from Murray on the theory he…