Lindsay v. First National Bank

Case, D.J.

This is an action for declaratory judgment with the following factual situation: One Richard K. Schultz (not a party to this action) was indebted to the defendant First National Bank of Bayard, Nebraska. He executed a financing statement and security agreement on January 5, 1978, which was filed on January 12, 1978.

In that document the following language appears as a description of a portion of the security: “Lot 5 Lake Minatare and cabin at same location to secure note in amount of $30,000.00.’’ The cabin is on leased land and ownership of the real estate is not an issue.

The…