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In re Southeastern Materials

433 B.R. 177 (2010)

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In re Southeastern Materials

United States Bankruptcy Court for the Middle District of North Carolina
433 B.R. 177 (2010)

RW

Facts

Southeastern Materials, Inc. (Southeastern) leased expensive equipment from TCP Leasing, Inc. (TCP) (plaintiff). The leasing agreement was irrevocable on Southeastern’s part and gave Southeastern, at the end of the lease term, an option to purchase the machinery for $1. Southeastern subsequently declared Chapter 11 bankruptcy in federal court. TCP moved for a court order directing Southeastern to pay all unpaid rent on the equipment. First Bank (defendant) objected on the grounds that its perfected lien was superior in priority to any security interest TCP had on the equipment.

Rule of Law

Issue

Holding and Reasoning (Waldrep, J.)

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