Ashburn Bank v. Farr

Andrews, Judge.

In September 1989, Ashburn Bank loaned Lumpkin approximately $62,000 to buy cattle. The Bank took a note from Lumpkin and perfected a security interest in the cattle. Thereafter, Lumpkin sold the cattle to Farr for cash, and defaulted on the note owed to the Bank. In addition to suing Lumpkin on the note, the Bank also sued Farr for the cattle in his possession, based on its prior perfected security interest. The trial court granted summary judgment in favor of Farr, ruling that under the provisions of the Food Security Act (7 USCA § 1631) (effective December 1986) Farr took…