Evans Products Co. v. Jorgensen

This suit involves a question of priority under the Uniform Commercial Code (UCC) between a secured party with a “floating lien” and a supplier of raw materials to the debtor.

Coos Plywood manufactures plywood from veneer. Evans Products and Coos Plywood entered into a security agreement in 1963 whereby Evans was the secured party and Coos the debtor. ORS 79.1050(1). The security agreement gave Evans “a security interest in Coos’ inventory as follows: All green and dry veneer, work in progress, and finished plywood now owned and all similar goods hereafter acquired, including their product,…