Farm Credit Serv. v. Cargill, Inc., No. 13-1911 (8th Cir. 2014)
Annotate this CaseFarm Credit had a security interest in corn delivered to Cargill and filed suit against Cargill in replevin for the corn. The district court concluded that Farm Credit's security interest under the Food Security Act (FSA) of 1985, 7 U.S.C. 1631(e), entitled it to proceeds from the corn delivered to Cargill. The court concluded that Cargill did not dispute that Farm Credit complied with the FSA. To the extent that the U.C.C. governs priority disputes as a foundation for the FSA, Cargill's argument failed because U.C.C. 9-404 does not apply in this case. Accordingly, the court affirmed the district court's grant of summary judgment in favor of Farm Credit.
Court Description: Civil case - Replevin. District court did not err in finding that Farm Credit's security interest under the Food Security Act entitled it to the proceeds from the corn Farm Credit's debtors delivered to Cargill.
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