Quimbee logo
DMCA.com Protection Status
From our private database of 18,800+ case briefs...

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.)

What to do next…

  1. 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 499,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. 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. Read more about Quimbee.

Here's why 499,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 18,800 briefs, keyed to 985 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.

Questions & Answers

Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial