IPC (USA), Inc. consigned fuel to Pettit Oil Company (debtor) to sell at Pettit’s gas stations under a consignment agreement. Pettit prepared invoices instructing customers to pay IPC directly, but some customers paid Pettit instead. The consignment agreement required Pettit to forward those payments promptly to IPC, but Pettit had unremitted proceeds in cash and accounts receivable when Pettit filed bankruptcy. The bankruptcy trustee avoided IPC’s interests in the remaining consigned fuel, cash, and accounts receivable because IPC had never filed a financing statement to perfect them, and the appellate bankruptcy panel affirmed. IPC appealed, arguing that the cash and receivables proceeds fell beyond the trustee’s avoidance powers because they never belonged to Pettit.