In re Hurst

308 B.R. 298 (2004)

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In re Hurst

United States Bankruptcy Court for the Southern District of Ohio
308 B.R. 298 (2004)

Facts

Roger and Sandra Hurst (debtors) owned an automobile sales business. To fund their business, the Hursts obtained financing from First Financial Bank of Southwest Ohio (First Financial) (creditor). As security for the financing, First Financial took an interest in the motor vehicles held by the Hursts as inventory. The parties documented their financing relationship through several promissory notes and security agreements that predated July 1, 2001, as well as a promissory note and security agreement dated after July 1, 2001. First Financial filed only some financing statements, all of which had expired by approximately September 24, 2002. First Financial never filed any continuation statements. Thereafter, the Hursts filed for Chapter 7 bankruptcy. The Hursts remained indebted to First Financial. During bankruptcy proceedings, the bankruptcy trustee, as a hypothetical lien creditor pursuant to 11 U.S.C. § 544(a), sought to avoid First Financial’s interest. The bankruptcy trustee argued that First Financial had failed to file the requisite financing statements and continuation statements to establish and maintain a perfected security interest in the motor vehicles held by the Hursts as inventory. First Financial contended that Uniform Commercial Code Article 9 did not require perfection by filing for interests in motor vehicles.

Rule of Law

Issue

Holding and Reasoning (Waldron, C.J.)

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