In re S & J Holding Corp.

42 B.R. 249 (1984)

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In re S & J Holding Corp.

United States Bankruptcy Court for the Southern District of Florida
42 B.R. 249 (1984)

Douglas Halasz headshot
  • Written by Douglas Halasz, JD

Facts

S & J Holding Corporation (S & J) (debtor) was in the business of operating video games. S & J entered into a security agreement with A.M. June, Inc. (creditor) in which S & J gave A.M. June a security interest in, among other things, certain video-game machines and vending machines. A.M. June filed a financing statement that listed the video-game machines and vending machines as collateral and checked the box indicating that “products of collateral” were covered. S & J filed for bankruptcy. During bankruptcy proceedings, A.M. June moved for relief from stay or for adequate protection regarding the cash revenues generated by the video-game machines and vending machines.

Rule of Law

Issue

Holding and Reasoning (Gassen, J.)

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Casebooks

Commercial Law

Key Terms

  • CollateralProperty pledged to secure payment of a loan or other obligation.
  • Uniform Commercial Code (UCC)A comprehensive set of laws designed to promote the uniformity of commercial transactions among the states.
  • PerfectionThe completion of acts necessary to make a legal instrument or interest enforceable against third parties.
  • Pledge1. A promise. 2. An object given as security for a promise, contract, debt, or other obligation.
  • Uniform Commercial Code Article 9Article of the Uniform Commercial Code governing all aspects of secured transactions, including the requirements for attachment and perfection.
  • EquipmentGoods, other than farm equipment or inventory, used in the course of a business under the Uniform Commercial Code.
  • ProceedsAnything received from the sale, transfer, or other disposition of collateral.
  • Security InterestAn interest in real or personal property that exists because the property has been offered as security, or collateral, for an obligation or debt. A creditor who holds a security interest in a debtor's property may claim that property as a forfeit if the debtor defaults.
  • PriorityThe order in which competing claimants may satisfy their claims against the same collateral. Subject to some exceptions and qualifications, the general rule of priority is that the first claimant in time is first in line to satisfy a claim.
  • Security AgreementA document that provides a lender a security interest in a specified asset or property that is pledged as collateral.
  • Adequate ProtectionRelief created in bankruptcy to protect the value of a secured creditor’s lien so that it does not diminish during the bankruptcy proceeding. Section 361 of Title 11 of the United States Code provides that adequate protection can be provided by periodic payments, a replacement lien, or other appropriate relief.

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