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Where a coal distributor entered into a commercial security agreement with a bank granting the bank a security interest in the collateral, and the distributor defaulted on the security agreement and also failed to make payments under two warehouse agreements, which resulted in the warehouse companies asserting liens against the stored coal, and the bank seeking a declaratory judgment claiming it had a perfected security interest in the coal, the judgment finding that the bank’s security agreement took priority over the 2006 warehouse agreement is reversed and remanded because the warehouse agreement was prior in time to the security agreement, but the portion of the judgment finding that the bank’s security interest takes priority over the 2008 warehouse agreement is affirmed.
Judgment is affirmed in part; reversed in part; remanded.
M&I Marshall & Isley Bank v. Kinder Morgan Operating L.P. “C,” et al. (MLW No. 63275/Case No. ED96761 – 23 pages) (Missouri Court of Appeals, Eastern District, Gaertner Jr., J.) Appealed from circuit court, St. Louis City, Dierker Jr., J. (Booker T. Shaw, Stephen A. D’Aunoy and Patricia W. Prewitt for appellant) (Clark H. Cole and Sara F. Melly for respondent).
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