South Dakota Supreme Court February 25, 2004, None (First Dakota National Bank v. Performance Engineering & Manufacturing, Inc.)

MEIERHENRY, Justice.

[¶ 1.] First Dakota National Bank and State Steel Supply Company were secured creditors of Performance Engineering

&

Manufacturing, Inc. (PEM). First Dakota sought declaratory relief asking the trial court to determine the order of priority to PEM’s accounts receivables. Both First Dakota and State Steel claimed a valid first lien.