From our private database of 14,100+ case briefs...
In re Tri-County Materials, Inc.
United States District Court for the Central District of Illinois
114 B.R. 160 (1990)
Tri-County Materials, Inc. (Tri-County) (plaintiff) entered into a contract with Ladd Construction Company (Ladd) for the sale of sand and gravel. Tri-County then entered into an agreement with KMB, Inc. (KMB) to lease certain equipment to transport the material. As security for Tri-County’s payment obligations under the lease agreement, Tri-County granted a security interest to KMB in a portion of the Ladd account. KMB did not file a financing statement. Neither KMB nor Tri-County had previously entered into this type of security agreement. The lease payments amounted to approximately 12 percent of the total Ladd account. Tri-County filed for bankruptcy. The bankruptcy court determined that Tri-County assigned a significant portion of its account, and the transaction was not casual and isolated. The bankruptcy court, therefore, ruled that KMB did not have a priority in its security, interest because the interest was not perfected.
Rule of Law
Holding and Reasoning (Mihm, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 222,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.