At a county fair in southwest Nebraska, Gull used cash to buy two cows and a bull, all purebred Holsteins. The seller was Spane, who had just moved to the area from another corner of the state bringing his livestock with him. Soon after, Gull was surprised and annoyed when he discovered that Spane had defaulted on a loan given to Spane in a secured transaction in his previous county. The bank in that county had a perfected security interest in the animals. When it repossessed them, Gull protested: “How was I supposed to know that? I never had any notice of the bank’s interest. Where’s the proof?” Did Gull actually have legal notice of the bank’s interest in, and prior claim to, the animals? Did Spane act ethically in their deal? What can Gull do now?