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In re Cliff’s Ridge Skiing Corp.
United States Bankruptcy Court for the Western District of Michigan
123 B.R. 753 (Bankr. W.D.Mich. 1991)
Cliff’s Ridge Development Corporation (Cliff’s Development) (creditor) developed a parcel of real property into a ski resort. Cliff’s Development obtained a mortgage from First of America Bank-Marquette (FOA) (creditor) that included a security interest in the real property as well as all current and future improvements and fixtures. The mortgage was properly perfected by being recorded with the security interest further perfected by the filing of a financing statement. Cliff’s Development then conveyed the real property to Cliff’s Ridge Skiing Corporation (Cliff’s Skiing) (debtor) subject to the FOA mortgage. Cliff’s Skiing granted Cliff’s Development a mortgage on the property that was properly perfected by being recorded. Cliff’s Skiing later obtained a loan from First National Bank & Trust (First National) (creditor) for the purchase of a chairlift with First National receiving a security interest in the chairlift. To perfect the security interest, First National filed multiple financing statements with both the county register of deeds under state real estate laws and under Uniform Commercial Code (UCC) procedures. Cliff’s Skiing filed for bankruptcy and the bankruptcy trustee sold the chairlift. FOA, Cliff’s Development, and First National each claimed a security interest in the chairlift.
Rule of Law
Holding and Reasoning (Gregg, J.)
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