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In re Preston

581 B.R. 912, 94 U.C.C. Rep. Serv. 2d 1031 (2018)

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In re Preston

United States Bankruptcy Court for the Southern District of Georgia
581 B.R. 912, 94 U.C.C. Rep. Serv. 2d 1031 (2018)

Facts

Farmer Kenneth Pierce (debtor) borrowed $18,000 from Farm Bureau Bank (FBB) (creditor) to purchase a fertilizer spreader. Pierce signed a security agreement giving FBB a security interest in the fertilizer spreader as collateral for his repayment obligation. FBB promptly filed a financing statement with the relevant state authority. It listed the debtor’s name as Kenneth Pierce. When Pierce later filed for bankruptcy, FBB claimed that it had a perfected, secured claim for $14,459.81. Pierce objected, arguing that FBB’s security interest was unperfected because the name listed on the financing statement did not match Pierce’s driver’s license, which listed his name as Kenneth Ray Pierce. FBB argued that even though the name on the financing statement did not match the typed name on Pierce’s license, it matched the signature on the license, which showed only Kenneth Pierce. FBB therefore claimed that the financing statement sufficiently identified the debtor and was valid to perfect FBB’s security interest. The bankruptcy court considered the parties’ arguments.

Rule of Law

Issue

Holding and Reasoning (Coleman, C.J.)

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