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151967P.pdf 09/20/2016 Stearns Bank National Assoc. v. Amegy Bank National Assoc.
U.S. Court of Appeals Case No: 15-1967
U.S. District Court for the Eastern District of Missouri - St. Louis
[PUBLISHED] [Shepherd, Author, with Wollman and Benton, Circuit Judges]
Civil case - Interpleader Action. Under Texas law, Stearns Bank's
foreclosure did not extinguish its rights to pursue proceeds of its
original collateral; while Stearns did not have an interest in the
settlement payment its debtor received as part of the settlement of the
genetically-modified rice litigation as an after-acquired general
intangible,it does have an interest in the payment to the extent the
payment is for damages to the original collateral; on remand, the district
court should determine what part of the sum held in its registry
constitutes proceeds of Stearn's original collateral; reversed and
remanded for further proceedings.