In re Premier Golf Properties, LP
United State Bankruptcy Appellate Panel for the Ninth Circuit
477 B.R. 767 (2012)
Premier Golf Properties, L.P. (debtor) obtained a loan from Far East National Bank (creditor) to operate a golf course. In exchange, Premier gave the bank a security interest in all of its personal and real property, including general intangibles, and all proceeds, profits, and products thereof. Premier filed for Chapter 11 bankruptcy and opened an account for cash collateral. Premier did not segregate in this account funds received for greens fees and driving-range fees. The bank filed a motion to prevent Premier from using certain cash collateral, arguing that Premier was using certain cash collateral just as it would in the ordinary course of its business. The bank claimed that the greens fees and driving-range fees constituted either rent from the land or proceeds from the general intangible property in which the bank had a security interest. The bankruptcy court denied the motion. The bank appealed.
Rule of Law
Holding and Reasoning (Hollowell, J.)
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