WL Homes, LLC (WL Homes) entered into a credit loan agreement with Wachovia Bank, National Association (Wachovia) in 2007. As collateral for the agreement, WL Homes granted a security interest in the bank account of JLH Insurance Corporation (“JLH”), which was a wholly owned subsidiary of WL Homes. The JLH bank account was a Wachovia account. There were seven signers to the depository certificate, all of whom were authorized to manage the JLH account. Five of the seven signers were exclusively officers of WL Homes. The remaining two signers were officers of both WL Homes and JLH. Wayne Stelmar was the president of JLH and the chief financial officer of WL Homes. Stelmar signed loan agreement letters in June and July of 2008, which reaffirmed all of the obligations of WL Homes contained in the credit loan agreement. On February 19, 2009, WL Homes filed for bankruptcy. Wachovia then commenced an adversary proceeding in the bankruptcy, seeking a declaration that it could enforce its security interest because it held a perfected security interest in the JLH account. Both Wachovia and the bankruptcy trustee moved for summary judgment.