In re EDM Corp.

431 BR 459 (2010)

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In re EDM Corp.

United States Bankruptcy Appellate Panel for the Eighth Circuit
431 BR 459 (2010)

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Facts

EDM Corporation (debtor) sold and leased emergency vehicles. Although 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

Issue

Holding and Reasoning (Federman, J.)

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