Valley Bank v. Estate of Rainsdon

SWANSTROM, Judge.

This action is between two secured creditors who claim priority in the proceeds from the sale of the debtor’s collateral. The district court granted summary judgment to Thelma Rainsdon, holding that she and her late husband, Burton, had a purchase money security interest which was of first priority. The other secured creditor, Valley Bank, has appealed. We are asked to decide whether Burton and Thelma Rainsdon timely perfected their purchase money security interest. We hold that the security interest was not timely perfected under I.C. § 28-9-312(4). We vacate the summary…