ITT Commercial Finance Corp. v. Bank of the West
United States Court of Appeals for the Fifth Circuit
166 F.3d 295 (1999)
- Written by Douglas Halasz, JD
Facts
Compu-Centro, USA, Inc. gave a security interest in certain collateral to a party (the secured party) (defendant). The secured party filed a financing statement. However, the financing statement omitted the hyphen from Compu-Centro, USA, Inc.’s legal name and listed the debtor’s name as “Compucentro, USA, Inc.” ITT Commercial Finance Corporation (ITT) (plaintiff) claimed a priority interest in Compu-Centro, USA, Inc.’s collateral. The district court found that the misspelled debtor name rendered the financing statement seriously misleading such that it did not perfect the secured party’s interest. The district court reasoned that a search of the Secretary of State’s database under Compu-Centro, USA, Inc.’s legal name did not show the financing statement in question and, therefore, the financing statement failed to provide the notice to potential subsequent creditors required under Uniform Commercial Code Article 9. Accordingly, the district court held that ITT had priority in the collateral.
Rule of Law
Issue
Holding and Reasoning (King, C.J.)
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