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In re Nay

United States Bankruptcy Court for the Southern District of Indiana
563 B.R. 535 (2017)


Facts

Ronald Markt Nay and Sherry Nay (debtors) granted MainSource Bank (plaintiff) a security interest in certain personal property, including equipment. Subsequently, LEAF Capital Funding, LLC (creditor) granted a pair of loans to the Nays to purchase new equipment. Each loan was evidenced by a financing statement, but each financing statement incorrectly listed Ronald’s name as “Ronald Mark Nay.” Ronald’s driver’s license correctly listed his name as “Ronald Markt Nay.” The Nays filed for bankruptcy. MainSource filed a petition alleging that it had priority over LEAF’s security interest in the new equipment on the ground that LEAF failed to properly perfect its security interest. MainSource filed a motion for judgment on the pleadings.

Rule of Law

Issue

Holding and Reasoning (Lorch, J.)

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