National Peregrine, Inc. v. Capitol Federal Savings and Loan Association of Denver
United States District Court for the Central District of California
116 B.R. 194 (1990)
National Peregrine, Inc. (NPI) (plaintiff) received a $6 million line of credit from Capitol Federal Savings and Loan Association of Denver (Capitol) (defendant). The line of credit was secured by NPI’s film-library inventory, including all equipment, documents related to the inventory, and copyrights held by NPI. To perfect its security interest in the contents of the library and the copyrights, Capitol filed UCC-1 financing statements pursuant to Uniform Commercial Code (UCC) requirements in California, Colorado, and Utah. Capitol did not, however, record its security interest with the United States Copyright Office (USCO). NPI filed for bankruptcy and then brought a complaint against Capitol, arguing that Capitol’s interests in the copyrights remained unperfected because of Capitol’s failure to record its interest with the USCO. NPI and Capitol both filed for partial summary judgment on the issue of whether Capitol’s security interest in NPI’s copyrights was valid. The bankruptcy court ruled in Capitol’s favor. NPI appealed.
Rule of Law
Holding and Reasoning (Kozinski, J.)
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