From our private database of 33,600+ case briefs...
In re I80 Equipment
United States Court of Appeals for the Seventh Circuit
938 F.3d 866 (2019)
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
Holding and Reasoning (Brennan, 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 602,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead 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.Learn about our approachRead more about Quimbee
Here's why 602,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 33,600 briefs, keyed to 984 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.