In re Corey A. Lynch

313 B.R. 798 (2004)

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In re Corey A. Lynch

United States Bankruptcy Court for the Western District of Wisconsin
313 B.R. 798 (2004)

DH

Facts

Corey A. Lynch (debtor) borrowed money from Farmers State Bank (the bank) (creditor). Lynch executed a note, as well as a general business security agreement (GBSA), which granted the bank a security interest in specific then-owned and after-acquired personal property, including equipment, fixtures, inventory, general intangibles, accounts, contract rights, chattel paper, and instruments. The bank filed a financing statement, without attaching any documents, that described the collateral covered as “general business security agreement not owned or hereafter acquired.” Thereafter, Lynch filed for bankruptcy. During bankruptcy proceedings, the bankruptcy trustee, William J. Rameker (the trustee) sought to avoid the bank’s claim pursuant to the trustee’s hypothetical-lien-creditor status. The trustee argued that the bank’s financing statement was defective and did not perfect the bank’s security interest because the financing statement failed to sufficiently describe the collateral. The bank argued that the financing statement’s description merely contained minor errors or omissions and sufficiently put third parties on notice of the bank’s security interest.

Rule of Law

Issue

Holding and Reasoning (Martin, C.J.)

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