United Bank of Iowa v. Independent Inputs (In Re Western Iowa Limestone, Inc.)

VENTERS, Bankruptcy Judge.

This appeal involves a contest between a secured creditor and three would-be buyers in the ordinary course of business over the proceeds from the sale of several tons of agricultural lime. The bankruptcy court first awarded the proceeds to the secured creditor, but then reversed course and awarded the proceeds to the buyers. For the reasons set forth below, we reverse the decision of the bankruptcy court. 1

I. STANDARD OF REVIEW

We review findings of fact for clear error and conclusions of law de novo. 2 The central issue on appeal—whether the Appellees qualify as…