In re Curtis
United States Bankruptcy Court for the Eastern & Western Districts of Arkansas
363 B.R. 572 (2007)
- Written by Douglas Halasz, JD
Facts
Jason and Alice Curtis (debtors) owned a farming company called J & A Farms, which leased land in Desha County and Lincoln County, Arkansas to farm and grow crops. J & A Farms obtained financing from two banks (the banks) (creditors) and gave the banks security interests in the farm equipment, the crops, and the Curtises’ personal property. The loan documents, security agreements, and related documents all listed a Desha County address for J & A Farms. Moreover, the Curtises lived in Desha County. Accordingly, the banks filed financing statements covering the banks’ security interests in Desha County. Thereafter, the Curtises filed for Chapter 12 bankruptcy, which was converted to Chapter 7 bankruptcy. At that time, the amount of J & A Farms’ debt to the banks exceeded the amount of the collateral. Consequently, the banks sought relief from the automatic stay to enforce their security interests. The bankruptcy trustee sought to avoid the banks’ interests and argued that the banks had not proved that they had filed the financing statements in the correct county to perfect their security interests in the farm equipment and crops.
Rule of Law
Issue
Holding and Reasoning (Mixon, J.)
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