WEST IMPLEMENT COMPANY, INC. v. FIRST SOUTH PRODUCTION CREDIT ASSOCIATION

Summary

The Supreme Court of Mississippi affirmed summary judgment in favor of First South Production Credit Association in an action concerning conversion of a John Deere combine subject to a perfected security interest. The court held that describing the collateral as "equipment and machinery" sufficiently identified it and that identifying the debtor as "Mouton Farms Partnership" complied with Mississippi's version of Article 9. The court concluded that the financing statement contained no material error and affirmed the $60,000 judgment against West Implement Company.

Holdings

1. The description of the collateral as equipment and machinery was sufficient to identify the collateral and put a searcher on notice that the John Deere combine might be subject to a security interest.
2. The financing statement sufficiently identified the debtor by using the debtor's partnership name, Mouton Farms Partnership.
3. The trial court properly treated the existence of an error in the financing statement as a question of law and properly granted summary judgment because no material factual dispute remained.

Questions Presented

1. Whether the financing statement sufficiently described the John Deere combine as collateral under Mississippi's version of Article 9.
2. Whether the financing statement sufficiently identified Mouton Farms Partnership as the debtor.
3. Whether the trial court properly resolved the legal sufficiency of the financing statement on summary judgment.

Disposition

affirmed