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In re Southern Illinois Rail Car Co.

301 Bank. 305, 2002 Bankr. LEXIS 1433 (2002)

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In re Southern Illinois Rail Car Co.

United States Bankruptcy Court for the Southern District of Illinois
301 Bank. 305, 2002 Bankr. LEXIS 1433 (2002)

KS

Facts

Southern Illinois Rail Car Co. (Southern Rail) (debtor) filed for bankruptcy. Southern Rail operated thousands of railcars. Wells Fargo Equipment Finance Company (Wells Fargo) (creditor) was a creditor that had made a loan to Southern Rail. The loan was to be secured by “Equipment as more fully described on Schedule A.” Unfortunately, this schedule was not attached to the security agreement. This omission made it unclear which of Southern Rail’s thousands of railcars were collateral for Wells Fargo’s security interest. There were other loan documents, such as two riders and two agreements regarding assignment and substitutions. Also, Southern Rail had filed paperwork with the Surface Transportation Board (STB), which is the designated body for submissions to perfect security interests in railcars. Wells Fargo filed a motion to have the automatic stay lifted so that it could pursue its security interest by foreclosing on Southern Rail’s collateral. Southern Rail objected.

Rule of Law

Issue

Holding and Reasoning (Fines, J.)

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