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In re World Auxiliary Power Co.
United States Court of Appeals for the Ninth Circuit
303 F.3d 1120 (2002)
World Auxiliary Power (WAP) and two related corporations owned copyrights in drawings, technical manuals, blueprints, and software used to make modifications to airplanes. These companies obtained financing from Silicon Valley Bank (Silicon Valley), which was secured by all of the companies’ assets, including the copyrights. Silicon Valley filed a financing statement, recording this security interest with the California Secretary of State. The companies did not register any of the copyrights with the United States Copyright Office. WAP and the other companies separately filed for bankruptcy simultaneously. Through a series of transactions, Aerocon Engineering (Aerocon) and Airweld purchased the copyrights and the right of the bankruptcy trustee to sue to avoid Silicon Valley’s security interest as tenants in common. The relationship between Airweld and Aerocon dissolved, and Aerocon filed an adversary proceeding in the bankruptcy to avoid the security interest of Silicon Valley, which had been transferred to Airweld after a foreclosure and a series of sales. The bankruptcy court determined that Silicon Valley had perfected its security interest and granted summary judgment to Silicon Valley. Aerocon appealed to the district court, which affirmed the decision of the bankruptcy court. Aerocon then appealed to the United States Court of Appeals for the Ninth Circuit.
Rule of Law
Holding and Reasoning (Kleinfeld, J.)
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