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FIRST STATE BANK v. CLARK

No. 99-1995.

635 N.W.2d 29 (2001)

FIRST STATE BANK, Nora Springs, Appellant, v. William CLARK and Mike Clark, d/b/a Johnson Chemicals, Appellees.

Supreme Court of Iowa.

October 10, 2001.

Attorney(s) appearing for the Case

Ralph A. Smith of Noah, Smith & Schuknecht, P.L.C., Charles City, for appellant.

Brian R. McPhail of Gross & McPhail, Osage, for appellees.

Robert L. Hartwig, Iowa Bankers Association, Des Moines, and Thomas E. Salsbery of Davis, Brown, Koehn, Shors & Roberts, P.C., Des Moines, for amicus curiae Iowa Bankers Association.

CADY, Justice.

This appeal requires us to determine whether a creditor's perfected security interest in crop proceeds continues under Iowa Code section 554.9306(2) (1999) when the proceeds were not received by the debtor. We reverse the decision of the district court and remand the case for further proceedings.

I. Background Facts and Proceedings.

First State Bank of Nora Springs financed the farming operation of Daniel

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