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In re EDM Corp.

United States Court of Appeals for the Eight Circuit Bankruptcy Appellate Panel
431 B.R. 459 2010


Facts

EDM Corporation (debtor) sold and leased emergency vehicles. While its official name of record was EDM Corporation, EDM was also known and did business as EDM Equipment. EDM filed for bankruptcy and had outstanding loans with a number of financial institutions, including Hastings State Bank (creditor). Hastings and two other creditors had competing liens in certain collateral and disputed the priority status of those liens. Hastings’s lien was created first and its financing statement was filed first. However, Hastings identified the debtor as “EDM Corporation d/b/a EDM Equipment” on the financing statement. The other creditors alleged Hastings’s financing statement failed to properly provide the debtor’s name as required and was seriously misleading. The other creditors argued Hastings’s lien was thus not perfected. The bankruptcy court held Hastings’s financing statement was insufficient, and EDM appealed.

Rule of Law

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Issue

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Holding and Reasoning (Federman, J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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