Fokkena v. First National Bank of Glidden (In Re McLaughlin Farms, Inc.)

WILLIAM L. EDMONDS, Bankruptcy Judge.

Habbo Fokkena is the trustee in these consolidated liquidation cases. In this adversary proceeding, he seeks a determination that First National Bank of Glidden (BANK) has no security interest in the proceeds of the sale of certain estate property. Trial was held in Fort Dodge, Iowa on January 19, 1990. Having considered the evidence and the arguments of the parties, the court now issues this decision which includes findings of fact and conclusions of law as required by Bankr.R. 7052.

PROCEDURAL FACTS

The parties, in their joint pre-trial statement, have…