United States Eighth Circuit

In a case involving a dispute between a secured lender, who held a security interest in its debtor's inventory, and subsequent purchasers of that inventory, who left their purchased goods on the debtor's premises, over whose interest took priority when the debtor filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code, a ruling finding that the buyers did not have constructive possession of the goods under Iowa law is reversed where the buyers satisfied the requirements of being buyers in the ordinary course of business under state law, and thus giving them priority.

Appellate Information

• Decided 08/13/2008
• Published 08/13/2008

Judges

• HANSEN, Circuit Judge., Before LOKEN, Chief Judge, HANSEN and MURPHY, Circuit Judges.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Kirk E. Goettsch, argued, Council Bluffs, IA, for appellant.


• For Appellees:
  
• James J. Niemeier, argued, Robert J. Bothe, Michael Eversden, on the brief, Omaha, NE, for appellee.