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McRoberts v. Transouth Financial (In re Bell)

194 B.R. 192 (1996)

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McRoberts v. Transouth Financial (In re Bell)

United States Bankruptcy Court for the Southern District of Illinois
194 B.R. 192 (1996)

DH

Facts

Tod and Colleen Marmino borrowed money from Laclede Credit Union (Laclede) to buy a truck. As security, the Marminos gave Laclede a lien on the truck. Consistent with its regular practice, Laclede provided the car dealership with the necessary information to record the lien and forward the certificate of title to the Secretary of State, as required to perfect its interest. However, the car dealership failed to note Laclede’s lien on the truck’s certificate of title. Thereafter, the Marminos filed for Chapter 13 bankruptcy. The bankruptcy court considered this case and other factually similar Illinois cases in which the debtors (the Borrowers) borrowed money from the creditors (the Lenders) to purchase vehicles, and the Lenders’ interests were not noted on the vehicles’ certificates of title. In each case, the bankruptcy trustee sought to avoid the Lender’s lien as an unperfected security interest pursuant to 11 U.S.C. § 544(a). The Lenders argued that the bankruptcy court should deem their interests perfected in equity. The Lenders also argued that the bankruptcy trustees lack standing and that the Lenders’ interests remain enforceable against the Borrowers.

Rule of Law

Issue

Holding and Reasoning (Meyers, J.)

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