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In re Ryan
United States Bankruptcy Court for the Western District of New York
360 Bankr. 50, 62 U.C.C. Rep. Serv. 2d 58 (2007)
Prior to filing for bankruptcy, William and Eileen Ryan (debtors) secured funding in the amount of $3,966.00 from Wells Fargo Financial National Bank (Wells Fargo) (creditor) for the purchase of a bathtub from a specialty vendor. The Ryans signed a charge slip granting a purchase-money security interest (PMSI) in the tub to Wells Fargo. The charge slip indicated that the Ryans also purchased coiling, walls, and other fixtures related to the tub. The tub was incorporated into the Ryans’ home. After the bankruptcy filing, Wells Fargo filed a proof of claim for the tub. Under New York’s version of Article 9 of the Uniform Commercial Code (UCC), a security interest in goods may survive after goods have become fixtures. However, this survival of a security interest does not include ordinary building materials once the goods have been incorporated into real property. The bankruptcy court did not believe the tub and the related products purchased by the Ryans qualified as ordinary building supplies. The Ryans filed an objection to Wells Fargo’s secured claim.
Rule of Law
Holding and Reasoning (Bucki, J.)
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