In re Old Colony, LLC
United States Bankruptcy Court for the District of Massachusetts
78 U.C.C. Rep. Serv. 2d 60 (2012)

- Written by Rich Walter, JD
Facts
Old Colony, LLC (defendant) secured a loan from Wells Fargo, N.A. (plaintiff) by mortgaging the real and personal property, including rents, associated with Old Colony’s lucrative Wyoming resort hotel. Wells Fargo properly perfected its security interest in the hotel’s real property but not its security interest in the hotel’s personal property. Old Colony subsequently filed for Chapter 11 bankruptcy in the Massachusetts federal bankruptcy court. The court allowed Old Colony to continue operating the hotel. Wells Fargo moved for a ruling that its real-property lien extended to the hotel’s room rents. Old Colony objected, arguing that the room rents constituted personal property on which Wells Fargo did not have a perfected lien. Relevant Wyoming statutes were ambiguous and shed little light on the dispute.
Rule of Law
Issue
Holding and Reasoning (Boroff, J.)
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