Border State Bank, N.A. v. AgCounty Farm Credit Services, FLCA, et al., 535 F.3d 779 (8th Cir. 2008)

(both parties claimed security interests in assets of dairy operation – plaintiff’s interest established by promissory note executed in 2005 and defendant claimed a security interest based on loans made from 1998-2001; dairy defaulted on loans in 2003 and new investor took over dairy operation but also defaulted on loans from both plaintiff and defendant, and dairy’s assets liquidated; plaintiff claims entitlement to some of the sale proceeds based on claim that defendant’s security interest is invalid, and claims that defendant failed to give notice of asset disposition; trial court granted summary judgment to defendant; judgment affirmed – under MN law, defendant’s security interest in dairy’s collateral continued after collateral purchased by new investor; evidence presented that defendant’s debt not satisfied; claim that defendant did not properly perfect security interest not addressed by trial court and not considered on appeal; no notice of asset sale required because defendant did not “dispose” of the assets).