ProGrowth Bank, Inc. v. Wells Fargo Bank, N.A.
United States Court of Appeals for the Eighth Circuit
558 F.3d 809 (2009)
Global One (defendant) loaned Hanson $1 million secured by two annuity contracts, and its agent Wells Fargo (defendant) filed a financing statement that both described the collateral as "all of Debtor's right, title, and interest in and to, assets and rights" and separately misidentified the specific annuity contract's number and issuer; a later filing fixed the contract number but not the issuer. When ProGrowth (plaintiff) later loaned Hanson money against the same annuities and filed its own accurate financing statement, it sued for a declaration that its security interest had priority, and the district court agreed the earlier statements were too misleading to be effective.
Whether a financing statement that identifies all of a debtor's assets as collateral is effective despite also containing a seriously misleading description of specific collateral.