In the Matter of McConnell
United States Bankruptcy Court for the Middle District of Georgia
455 B.R. 824 (2011)
- Written by Miller Jozwiak, JD
Facts
Terry McConnell owned an airplane. McConnell formed a partnership with David Murphy (defendant) under which Murphy would help McConnell maintain the aircraft. Over a few years, Murphy gradually took on more of the costs of the partnership. Eventually, McConnell agreed to repay Murphy for those costs and secured the debt by signing a Uniform Commercial Code financing statement, known as a UCC-1. That statement purported to give Murphy a security interest in the plane and was filed with a local court. After that, McConnell surrendered the aircraft to McConnell to satisfy the debt. The bill of sale was filed with the Federal Aviation Administration (FAA) a few months later. There was no indication, however, as to whether there was a security agreement (as opposed to the security-interest filing), the amount of debt that the plane was allegedly satisfying, or whether the security interest was filed with the FAA. About three months after that, McConnell filed for bankruptcy. The bankruptcy trustee (the trustee) (plaintiff) filed a motion to avoid the conveyance of the aircraft to Murphy and moved for summary judgment.
Rule of Law
Issue
Holding and Reasoning (Smith, J.)
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