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In re Rancher’s Legacy Meat Co.

United States Bankruptcy Court for the District of Minnesota
616 B.R. 532 (2020)

Written by Angela Patrick, JD

Facts

James Ratcliff (creditor) loaned approximately $14 million to Unger Meat Company (the company) (debtor) and received a security interest in all the company’s current and future assets. In 2010, Ratcliff perfected this interest by filing a Minnesota state UCC-1 financing statement, and he amended this statement in January 2011. In May 2014, the company was renamed Rancher’s Legacy Meat Co. In November 2015, Ratcliff filed a UCC-3 continuation statement purporting to extend his 2010 statement but still listing the debtor as “Unger Meat Company.” In January 2019, he filed a UCC-3 amendment changing the debtor’s name to “Rancher’s Legacy Meat Co.” In September 2019, the company filed for bankruptcy under Chapter 11. The company and a group of unsecured creditors moved for summary judgment, seeking a declaration that Ratcliff’s interest in the company’s assets was unperfected and, therefore, unsecured. Ratcliff opposed this motion and requested monthly adequate-protection payments based on his claimed perfected interest in all the company’s assets. The bankruptcy court considered both motions.

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Holding and Reasoning (Ridgway, C.J.)

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