Burlington National Bank v. Strauss

Robert Fleming, a farmer near Lake Geneva, borrowed $14,000 from the bank on August 18, 1965, and secured the loan by a standard farm security agreement, which gave the bank a security interest in “All farm equipment now owned or hereafter acquired by [Fleming] and ... all livestock now owned or hereafter acquired by [Fleming] and the young of such livestock.” A properly executed financing statement was filed with the register of deeds of Walworth county on August 23,1965. Subsequently, the bank made additional loans to Fleming secured by the same collateral. These loans were later…