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Floating Lien Joseph H. Jones and others (debtors) borrowed money from Columbus Junction State Bank (Bank) and executed a security agreement in favor of Bank.

Floating Lien Joseph H. Jones and others (debtors) borrowed money from Columbus

Junction State Bank (Bank) and executed a security agreement in favor of Bank. Bank

perfected its security interest by filing financing statements covering "equipment, farm

products, crops, livestock, supplies, contract rights, and all accounts and proceeds thereof' with the low secretary of state. Four years and 10 months later, Bank filed a continuation

statement with the lowa secretary of state. Four years and 10 months after that, Bank filed a

second continuation statement with the low secretary of state. Two years later, the debtors filed for Chapter 7 liquidation bankruptcy. The bankruptcy trustee collected $10,073 from the

sale of the debtors' crops and an undetermined amount of soybeans harvested on farmland

owned by the debtors. The bankruptcy trustee claimed the funds and soybeans on behalf of the bankruptcy estate. Bank claimed the funds and soybeans as a perfected secured creditor.

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