National Peregrine, Inc. (NPI) (plaintiff) is a business with the principal assets of a library of copyrights and licenses in 145 movies. A predecessor of NPI by merger obtained financing from Capitol Federal Savings and Loan Association of Denver (Cap Fed), which was secured by all of NPI’s inventory, including general intangibles, chattel paper, films, and contract rights. Cap Fed filed financing statements in Utah, Colorado, and California. NPI eventually filed for bankruptcy. NPI filed a complaint in the bankruptcy court against Cap Fed, alleging that its security interest was unperfected, because the security interest was not filed in the United States Copyright Office. NPI asserted that its interest as a debtor in possession was, therefore, superior to Cap Fed’s security interest. The parties filed motions for summary judgment, and the bankruptcy court ruled in favor of Cap Fed. NPI appealed to the district court.