First Midwest Bank, N.A. v. IBP, Inc.

Plaintiff First Midwest Bank (Bank) sought a judgment against defendant IBR Inc. (IBP), in the amount of $34,239.51 for failing to honor its security interest when IBP purchased hogs from Ronald and Rhonda Przybylski. The trial court granted IBP’s motion for summary judgment based upon its determination that the Bank’s notice of its security interest, pursuant to section 9 — 307 of the Illinois Uniform Commercial Code — Secured Transactions (Illinois Code) (810 ILCS 5/9 — 307 (West 1998)), was valid for one year only. We affirm and hold that notice of a security interest pursuant to section 9…