First National Bank v. Massachusetts General Life Insurance

Darrell Hickman, Justice.

This is a Uniform Commercial Code case. The appellant, First National Bank of Fayetteville, claims that its security interest in the accounts receivable of Lifesavers Insurance Agency has priority over a claim of the appellee, Massachusetts General Life Insurance Company.

The trial judge granted summary judgment to Massachusetts General, finding its claim legally superior. The judge was correct and we affirm.

The facts were undisputed. Massachusetts General entered into a General Agent’s Compensation Agreement with Lifesavers Insurance Agency, under which Massachusetts…