Security Bank & Trust Co. v. Roanoke Rice Co-op

FRUGÉ, Judge.

This suit was brought by Security Bank and Trust Company as the holder of one (1) warehouse receipt issued by the Roanoke Rice Co-op located in Roanoke, Louisiana.

This suit was consolidated for trial with a companion case in which Louisiana Bank and Trust Company sued as the holder of five warehouse receipts also issued by the Roanoke Rice Co-op. We are deciding both cases this date.

The warehouse receipt in question was used as collateral security pledged to Security Bank and Trust Company for a loan made to Rex Rice Company, Inc.

The facts and circumstances of the instant case…