{
  "id": 1871189,
  "name": "Billy WARD v. FIRST NATIONAL BANK OF SEARCY, ARKANSAS",
  "name_abbreviation": "Ward v. First National Bank",
  "decision_date": "1987-04-20",
  "docket_number": "86-240",
  "first_page": "21",
  "last_page": "23",
  "citations": [
    {
      "type": "official",
      "cite": "292 Ark. 21"
    },
    {
      "type": "parallel",
      "cite": "728 S.W.2d 149"
    }
  ],
  "court": {
    "name_abbreviation": "Ark.",
    "id": 8808,
    "name": "Arkansas Supreme Court"
  },
  "jurisdiction": {
    "id": 34,
    "name_long": "Arkansas",
    "name": "Ark."
  },
  "cites_to": [
    {
      "cite": "504 F. Supp. 1258",
      "category": "reporters:federal",
      "reporter": "F. Supp.",
      "case_ids": [
        4183774
      ],
      "year": 1981,
      "pin_cites": [
        {
          "page": "1262"
        }
      ],
      "opinion_index": 0,
      "case_paths": [
        "/f-supp/504/1258-01"
      ]
    },
    {
      "cite": "246 Ark. 1113",
      "category": "reporters:state",
      "reporter": "Ark.",
      "case_ids": [
        1604178
      ],
      "weight": 4,
      "year": 1969,
      "pin_cites": [
        {
          "page": "1117"
        },
        {
          "page": "94"
        }
      ],
      "opinion_index": 0,
      "case_paths": [
        "/ark/246/1113-01"
      ]
    },
    {
      "cite": "1971 Chev. 3",
      "category": "reporters:state",
      "reporter": "Chev.",
      "opinion_index": 0
    }
  ],
  "analysis": {
    "cardinality": 318,
    "char_count": 4220,
    "ocr_confidence": 0.948,
    "pagerank": {
      "raw": 8.16875316147023e-08,
      "percentile": 0.4750284669106191
    },
    "sha256": "fd47b4f4f99fe415368f5fa020ec6be6bbd014a7e00d2321d261b9667846a583",
    "simhash": "1:1207c5d6b01f5a98",
    "word_count": 682
  },
  "last_updated": "2023-07-14T16:51:01.167469+00:00",
  "provenance": {
    "date_added": "2019-08-29",
    "source": "Harvard",
    "batch": "2018"
  },
  "casebody": {
    "judges": [
      "Hickman, J., not participating."
    ],
    "parties": [
      "Billy WARD v. FIRST NATIONAL BANK OF SEARCY, ARKANSAS"
    ],
    "opinions": [
      {
        "text": "Robert H. Dudley, Justice.\nOn March 5, 1984, Garold Bennett executed a promissory note and security agreement in favor of appellee First National Bank of Searcy. The security agreement listed as collateral all equipment of the debtor presently owned or after acquired. On that same date, First National filed a financing statement which listed the collateral as follows:\n1971 Chev. 3-ton truck s/n EC631 PI05202\n1952 American 32\u2019 Tandem Trailer s/n 5927\n1968 JD 4020 Tractor s/n T213P284845R\n1976 Modenway 8\u2019 Dirt Blade s/n 48617\n1974 Midland 19\u2019 Disc 15036374\n1973 Vibra Shank 18\u2019 Barker Shank\n1 JD 6 Row Cultivator\n1 JD 6 Row Planter\n1 4 Wheel Trailer w/1000 gal. diesel tank 1977\nJD 5 Bottom Breaker\nJD 20\u2019 Harrow\n28\u2019 3 Axle Gooseneck Equipment Trailer\n1 20\u2019 WA Do-All\n1 JD 3 Bottom Breaker\nJD 4520 Tractor w/front end loader s/n 004291R\n1 Midland 15\u2019 Disc\n1 Bushhog\n1 300 gal. Spray Tank\n1 250 gal. Tank and 4 Wheel Trailer.\nThe financing statement did not mention after acquired property. On June 12, 1984, another security agreement on additional equipment was executed, and another financing statement filed with a similar description of collateral. This second financing statement, like the first one, did not mention after acquired property.\nOn July 2, 1984, appellant Billy Ward sold the combine to Bennett, and at that time, executed a document which purported to retain title to the combine in Ward. The agreement listed Ward as seller, and Garold Bennett was listed as buyer. On October 12, 1984, Ward filed the agreement as a financing statement. The combine was destroyed by fire, and $ 10,000 in insurance proceeds became available to replace it. First National Bank of Searcy filed suit to collect on the promissory note and foreclose on the security, and through an amended complaint, sought to collect the insurance proceeds. Ward, in turn, contends his interest is superior to the insurance proceeds. The Chancellor found that appellee First National\u2019s interest was prior to any the appellant might have, and granted judgment for the bank. We reverse.\nThe Chancellor determined that First National Bank had perfected its security interest in after acquired property through the financing statements. While the trial court was correct in determining that a financing statement does not necessarily have to include a specific reference to after acquired property to perfect such an interest, we hold that the language describing the collateral must be at least broad enough to encompass the after acquired property. In Security Tire and Rubber Co., Inc. v. Hlass, 246 Ark. 1113, 441 S.W.2d 91 (1969), we held that \u201ca description is sufficient which will enable third persons, aided by inquiries which the instrument itself suggests, to identify the property.\u201d Hlass, 246 Ark. at 1117, 441 S.W.2d at 94. Here the instrument does not suggest any inquiry that would disclose a security interest in after acquired property. Nothing in the description of collateral suggests that other than specific individual items are to be included. There is nothing in the financing statements which \u201cshould reasonably notify third parties that after acquired property is part of the subject matter of the financing statement.\u201d United States v. Riceland Foods, Inc., 504 F. Supp. 1258, 1262 (E.D. Ark. 1981). Accordingly, First National\u2019s security interest in after acquired property is unperfected.\nThe appellant has argued that the appellee had no perfected security interest. That issue would be before us if we were faced with a question of priority between perfected security interests. However, because we have decided the appellee has no perfected security in the combine, we need not decide an issue of priority, and thus, we do not address whether the appellant\u2019s security interest can be considered to be perfected under the Uniform Commercial Code. Accordingly, we reverse the decision of the trial court and remand for entry of an order consistent with this opinion.\nHickman, J., not participating.",
        "type": "majority",
        "author": "Robert H. Dudley, Justice."
      }
    ],
    "attorneys": [
      "J.T. Skinner, for appellant.",
      "Lightle, Beebe, Raney & Bell, for appellee."
    ],
    "corrections": "",
    "head_matter": "Billy WARD v. FIRST NATIONAL BANK OF SEARCY, ARKANSAS\n86-240\n728 S.W.2d 149\nSupreme Court of Arkansas\nOpinion delivered April 20, 1987\nJ.T. Skinner, for appellant.\nLightle, Beebe, Raney & Bell, for appellee."
  },
  "file_name": "0021-01",
  "first_page_order": 45,
  "last_page_order": 47
}