(Bankr. W.D. Ky. Dec. 22, 2017)
The bankruptcy court enters summary judgment in favor of the plaintiff, finding that its lien had priority over the other lender’s lien. The other lender had perfected its lien with a UCC-1 but years later accidentally filed a termination statement. The lender then filed another document noting that the termination was accidental, attempting to reinstate the perfected lien. The plaintiff filed its UCC-1 later. The court holds that UCC Article 9 controls, and the termination statement could not be amended or revoked in order to reinstate the original UCC-1. Thus, the plaintiff’s secured claim had priority over the other lender’s claim. Opinion below.
Attorney for Plaintiff: David T. Reynolds
Attorneys for Defendants: Steve Vidmer; Robert B. Frazer, Roy Massey, IV
Author: Matt Lindblom