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In re Wild West World, L.L.C., Debtor
United States Bankruptcy Court for the District of Kansas
66 U.C.C. Rep. Serv. 2d 1033 (2008)
First National loaned Wild West World, L.L.C. (Wild West) (plaintiff) over $6 million to build an amusement park. Wild West gave First National a security interest in all of its property, and First National perfected its interest by filing a financing statement on March 24, 2006. On November 17, 2005, Wild West contracted to buy the Ride from Larson for $190,000. The agreement, which is governed by Texas law, provided that Larson reserved title until payment in full, which was standard industry practice. Larson delivered the Ride on March 5, 2007 and filed a financing statement on June 8. Wild West entered bankruptcy proceedings, and Larson asserted its interest. The Ride was sold for $85,800, and both First National and Larson asserted their claim to the proceeds.
Rule of Law
Holding and Reasoning (Nugent, J.)
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