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In re Reckart Equipment Co., Inc.
United States Bankruptcy Court for the Northern District of West Virginia
2017 WL 943909 (Bankr. N.D.W. Va. 2017)
Darrell and Shannon Reckart owned Reckart Equipment Co., Inc. (debtor). Over time, five financing statements secured interests in the corporation’s assets. First, Citizen’s Bank (creditor) filed a financing statement perfecting its interest in the corporation’s heavy construction equipment in 1974, and maintained it by filing periodic continuation statements. Second, the Reckarts filed a financing statement against their own corporation in 2007, broadly covering “furniture, fixtures, inventory, vehicles, or other personal property, accounts receivable,” proceeds from those assets, and any such property acquired in the future. Third, Citizens filed another financing statement in 2008. Fourth and fifth, the Davis Trust (creditor) filed two financing statements against the corporation in 2009. In 2011, the Reckarts assigned their financing statement to Citizens. When the corporation filed for bankruptcy in 2012, Citizens and Davis Trust disputed which held first priority.
Rule of Law
Holding and Reasoning (Flatley, J.)
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