Crop Production Services, Inc. v. Wheeler (In re Wheeler)

(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.

Judge: Fulton

Attorney for Plaintiff: David T. Reynolds

Attorneys for Defendants: Steve Vidmer; Robert B. Frazer, Roy Massey, IV

2017-12-22 – in re wheeler

Author: Matt Lindblom