Question: Joseph H Jones and others debtors borrowed money from Columbus
Joseph H. Jones and others (debtors) borrowed money from Columbus Junction State Bank (Bank) and executed a security agreement in favor of Bank. Bank perfected its security interest by filing financing statements covering “equipment, farm products, crops, livestock, supplies, contract rights, and all accounts and proceeds thereof” with the Iowa secretary of state. Four years and 10 months later, Bank filed a continuation statement with the Iowa secretary of state. Four years and 10 months after that, Bank filed a second continuation statement with the Iowa secretary of state. Two years later, the debtors filed for Chapter 7 liquidation bankruptcy. The bankruptcy trustee collected $ 10,073 from the sale of the debtors’ crops and an undetermined amount of soybeans harvested on farmland owned by the debtors. The bankruptcy trustee claimed the funds and soybeans on behalf of the bankruptcy estate. Bank claimed the funds and soybeans as a perfected secured creditor. Who wins? In re Jones, 79 B. R. 839, 1987 Bankr. Lexis 1825 (United States Bankruptcy Court for the Northern District of Iowa)
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