AEG Liquidation Trust v. Toobro N.Y. LLC

2011 WL 2535035 (2011)

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AEG Liquidation Trust v. Toobro N.Y. LLC

New York Supreme Court
2011 WL 2535035 (2011)

  • Written by Sheryl McGrath, JD

Facts

AEG Liquidation Trust (AEG) (plaintiff) was a secured creditor in collateral owned by entities collectively referred to as Ahava. AEG perfected security interests in the collateral (the collateral was not consumer goods). AEG later became a judgment creditor against Ahava. At some point, AEG declared bankruptcy. In addition, an unknown entity filed termination statements regarding the collateral. Subsequently, Signature Bank (Signature) (defendant) perfected security interests in the collateral and took possession of the collateral. Signature sent a notice of sale to AEG and others in keeping with Uniform Commercial Code (UCC) § 9-613(1)(E). In response, AEG informed Signature in writing that AEG had a security interest in the collateral and that any action affecting AEG’s security interest would violate the bankruptcy automatic stay. Signature nonetheless sold the collateral. The matter eventually came to a New York state court to determine which entity was entitled to the proceeds from the sale of collateral.

Rule of Law

Issue

Holding and Reasoning (Kornreich, J.)

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