In re Johnson
United States Bankruptcy Court for the Middle District of Tennessee
39 B.R. 478 (1984)
- Written by Douglas Halasz, JD
Facts
Wallace Leon and Alberta Dean Johnson (debtors) obtained a loan from Liberty State Bank (Liberty) (creditor). As security for the loan, Liberty took an interest in the Johnsons’ semitrailer, which the Johnsons used to transport a bulldozer for their landscaping business. The Johnsons had never registered the semitrailer and never obtained a certificate of title for the semitrailer. Liberty filed a financing statement covering its security interest in the semitrailer. Thereafter, the Johnsons filed for bankruptcy. During bankruptcy proceedings, the bankruptcy trustee sought to avoid Liberty’s interest pursuant to 11 U.S.C. § 544(a). The bankruptcy trustee argued that Liberty’s financing statement had not perfected Liberty’s interest because interest in a semitrailer must be perfected by notation on the certificate of title. Liberty maintained that it had the superior interest. Both parties moved for summary judgment.
Rule of Law
Issue
Holding and Reasoning (Lundin, J.)
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