From our private database of 22,300+ case briefs...
Expeditors International of Washington, Inc. v. The Liquidating Trust
United States Bankruptcy Court for the District of Colorado
313 B.R. 473 (2004)
Expeditors International of Washington, Inc. (Expeditors) (defendant) was granted a security interest in all property owned by Schwinn Cycling and Fitness, Inc. (Schwinn) (plaintiff) that was under Expeditors’ possession or control. On July 16, 2001, Schwinn filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (Bankruptcy Code). During the weeks before Schwinn’s filing, Expeditors had some of Schwinn’s goods in its possession, which Expeditors returned to Schwinn and which Schwinn then sold. Under Uniform Commercial Code (UCC) § 9-313(a), Expeditors held an automatically perfected security interest through its possession of the goods. However, Expeditors failed to file a financing statement in connection with the goods within 20 days after returning the goods to Schwinn. Thereafter, Schwinn deposited the proceeds from the sale of the goods into a segregated cash-collateral fund. Expeditors claimed an interest in the fund based on its initial interest perfected by possession, arguing that Schwinn’s bankruptcy filing had converted Expeditors’ temporary 20-day interest into a permanent interest, which did not require the second type of perfection by either filing or possession ordinarily required by UCC § 9-312(h) in order to maintain perfection after expiration of the 20-day period.
Rule of Law
Holding and Reasoning (Nottingham, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 518,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 518,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 22,300 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.