United States District Court for the Southern District of Illinois
277 B.R. 388 (2002)
Ronald and Trenna Grabowski (plaintiffs) owned a farm and a John Deere equipment business, called Grabowski Tractor-Benton, Inc. The Grabowski’s took out loans from Bank of America (BoA) and South Pointe Bank (South Pointe). BoA filed a financing statement in 1998 listing “all inventory, chattel paper, accounts, equipment, and general intangibles” as collateral for its interest under the security agreement. The financing statement listed the business address for Grabowski Tractor-Benton, Inc. South Pointe filed its financing statement in 2000, specifically listing various pieces of the Grabowski’s farm equipment as subject to its lien. That financing statement listed the Grabowskis’ home address. In 2001, the Grabowskis entered Chapter 11 bankruptcy and filed an action to determine the validity and priority of liens. The Grabowskis’ creditors settled most issues, but BoA and South Pointe claimed an interest in three pieces of equipment. BoA claims that the equipment was covered under its earlier, general financing statement; South Pointe argues that BoA’s statement was ineffective, because it was too general and listed the Grabowskis’ business address.
Rule of Law
Holding and Reasoning (Meyers, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 238,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,200 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.