Security National Bank & Trust Co. of Norman v. Dentsply Professional Plan

OPALA, Justice:

This appeal deals with priorities between two creditors with security interests’in the same collateral. The questions to be answered are: [1] Did the trial court err in refusing to reinstate the first creditor’s security interest to its priority which was lost by that creditor’s release of its original financing statement? [2] Was the debtor’s overdraft obligation due the second creditor a “future advance” pursuant to future-advances clause in their security agreement?

We hold that [1] the trial court did not err in establishing the priority of the second creditor’s security…