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In re I80 Equipment

938 F.3d 866 (2019)

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In re I80 Equipment

United States Court of Appeals for the Seventh Circuit

938 F.3d 866 (2019)

Facts

I80 Equipment, LLC (I80) was an Illinois business that purchased and refurbished trucks for resale. I80 took out a commercial loan from First Midwest Bank (Midwest) (plaintiff). I80 and Midwest entered into an agreement that gave Midwest a security interest in I80’s assets. The assets were detailed in 26 categories of collateral within the security agreement. Midwest timely filed a financing statement to perfect its interest in I80’s assets. The statement claimed to cover all collateral described in the security agreement. I80 defaulted on its loan and filed a voluntary-bankruptcy petition. The court assigned a trustee (defendant) to manage the bankruptcy assets, and Midwest sued the trustee in bankruptcy court, seeking to recover funds on the defaulted loan. Midwest also filed a declaration that it had perfected its interest in I80’s assets and that its interest was senior to all other interests. The trustee asserted that Midwest’s interest was not perfected because the financing statement failed to independently describe the collateral and instead referenced an outside security agreement. The bankruptcy court found in favor of the trustee, and the parties jointly appealed to the United States Court of Appeals for the Seventh Circuit.

Rule of Law

Issue

Holding and Reasoning (Brennan, J.)

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