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Wawel Saving Bank v. Jersey Tractor Trailer Training, Inc. (In re Jersey Tractor Trailer, Inc.)

580 F.3d 147 (2009)

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Wawel Saving Bank v. Jersey Tractor Trailer Training, Inc. (In re Jersey Tractor Trailer, Inc.)

United States Court of Appeals for the Third Circuit
580 F.3d 147 (2009)

SH

Facts

Jersey Tractor Trailer Training, Inc. (JTTT) (defendant) obtained a loan from Wawel Savings Bank (plaintiff) for the principal amount of $315,000. The security agreement that accompanied the loan granted Wawel a security interest in all of the capital equipment and assets of JTTT, which Wawel perfected by filing a Uniform Commercial Code financing statement (UCC-1) in the appropriate place. JTTT later entered into an agreement with Yale Factors LLC, pursuant to which JTTT agreed to sell the rights to its accounts receivable in exchange for the immediate disbursement of 61.5 percent of the amount due on the accounts receivable. Yale subsequently filed a UCC-1 describing its lien on all present and after-acquired accounts receivable of JTTT in the appropriate place. When JTTT filed a petition for relief under Chapter 11 of the United States Bankruptcy Code, Wawel sought a declaration that its lien on JTTT’s accounts receivable had priority over Yale’s lien. Yale did not dispute that Wawel had priority over its lien; rather, Yale argued that Wawel consented to the sale of JTTT’s accounts receivable free of its security interest.

Rule of Law

Issue

Holding and Reasoning (Barry, J.)

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