North Platte State Bank v. Production Credit Ass'n

This case deals with the priority of secured creditors, each having a perfected security interest in the same collateral. For convenience, the plaintiff-appellant, North Platte State Bank, is hereinafter referred to as Bank, and the defendant-appellee, Production Credit Association of North Platte, is hereinafter referred to as PCA.

In August 1967, Gerald S. Tucker received an “operating loan” from PCA, the loan being subject to annual renewal in the month of December. A contemporaneously executed security agreement contained an after-acquired property clause which applied PCA’s. security…