First National Bank and Trust, Wibaux, Montana v. First National Bank of Greybull, Wyoming

McWILLIAMS, Circuit Judge.

This is a diversity action and involves the Wyoming enactment of the Uniform Commercial Code. The dispute is between the First National Bank and Trust, Wibaux, Montana (“the Montana Bank”) and the First National Bank of Greybull, Wyoming (“the Wyoming Bank”), each of which is a secured creditor of L. & W. Music Company, Inc. (“the Music Company”). The latter is a Montana corporation doing business in both Montana and Wyoming. The question to be resolved is the relative priority of the competing security interests of the two banks. The case was submitted to the trial…