Allis-Chalmers Credit Corp. v. Tri-State Equipment, Inc.

LOGAN, Circuit Judge.

In this appeal two creditors assert competing security interests in a bankrupt farm equipment dealer’s inventory of used farm implements.

Allis-Chalmers Corporation and the Central Bank of West Greeley separately financed the operations of debtor Tri-State Equipment, Incorporated. Both Allis-Chalmers and Central Bank executed security agreements with Tri-State which gave them security interests in portions of Tri-State’s property. Both filed proper financing statements to perfect their security interests. After Tri-State declared bankruptcy, both asserted interests in used…