Legal Opinion
Linn Cooperative Oil Co. v. Norwest Bank Marion, N.A.
Supreme Court of Iowa
Decided August 16, 1989No. 88-968PublishedCited by 12 opinions
1Opinion of the Court
CARTER, Justice.
The defendant, Norwest Bank of Marion (the bank), appeals from a decision finding that it had improperly converted to its own use the proceeds of a grain sale subject to the security interest of the plaintiff, Linn Cooperative Oil Company. The bank contends that, because it received these proceeds as a payment in the ordinary course of business, its receipt of the funds was free of any claim of the plaintiff. After considering the arguments of the parties, we reject this contention and affirm the judgment of the district court.
The challenged transaction occurred in October…
2Cases cited5 opinions
- Citizens National Bank v. Mid-States Development Co.Indiana Court of Appeals · 1978
- Brown & Williamson Tobacco Corp. v. First National Bank of Blue Island, a National Banking AssociationCourt of Appeals for the First Circuit · 1974
- ASSOC. DIS. CORP. v. Fidelity Un. Trust Co.New Jersey Superior Court Appellate Division · 1970
- Coachmen Industries, Inc. v. Security Trust & Savings Bank of ShenandoahSupreme Court of Iowa · 1983
- First State Bank v. Shirley Ag Service, Inc.Supreme Court of Iowa · 1987
3Cited by12 opinions
- Harley-Davidson Motor Co., Inc., and Itt Commercial Finance Corp. v. Bank of New England--Old Colony, N.A.Court of Appeals for the First Circuit · 1990
- Orix Credit Alliance, Inc. v. Sovran Bank, N.A.Court of Appeals for the Fourth Circuit · 1993
- J.I. Case Credit Corporation, a Wisconsin Corporation v. First National Bank of Madison CountyCourt of Appeals for the First Circuit · 1993
- C & H Farm Service Co. of Iowa v. Farmers Savings BankSupreme Court of Iowa · 1989
- HCC Credit Corp. v. Springs Valley Bank & TrustIndiana Supreme Court · 1999
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