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Gallatin National Bank v. Lockovich
United States District Court for the Western District of Pennsylvania
124 B.R. 660 (1991)
John and Clara Lockovich (plaintiffs) bought a 22-foot-long boat priced at $32,000 from the Greene County Yacht Club (Greene). Under a sales contract and security agreement, the Lockoviches granted a security interest in the boat to the holder of the contract. Greene subsequently assigned the contract to Gallatin National Bank (Gallatin) (defendant). Thereafter, the Lockoviches defaulted on payments under the agreement and filed for Chapter 11 bankruptcy. In the proceedings, Gallatin attempted to realize its security interest in the boat. The bankruptcy court concluded that Gallatin had not perfected its security interest in the boat by filing a financing statement, and that Gallatin was therefore an unsecured creditor. Gallatin appealed, arguing that the boat was a consumer good under the Uniform Commercial Code (UCC) subject to a purchase-money security interest, such that filing a financing statement was not required for perfection of the interest.
Rule of Law
Holding and Reasoning (Lee, J.)
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