Wheeling & Lake Erie Railway Co. v. Keach (In re Montreal, Maine & Atlantic Railway)

521 B.R. 703 (2014)

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Wheeling & Lake Erie Railway Co. v. Keach (In re Montreal, Maine & Atlantic Railway)

United States Bankruptcy Appellate Panel for the First Circuit
521 B.R. 703 (2014)

RW

Facts

Montreal, Maine & Atlantic Railway, Ltd. (Montreal) secured a loan from Wheeling & Lake Erie Railway Company (Wheeling) (plaintiff) by giving Wheeling a security interest in Montreal’s accounts and other rights to payment, including payment intangibles. Wheeling perfected its security interest by filing a Uniform Commercial Code (UCC) financing statement. One of Montreal’s trains was later involved in a catastrophic derailment, causing business losses for which Montreal sought indemnification from its insurer. After the insurer denied coverage, Montreal declared Chapter 11 bankruptcy. The insurer and the bankruptcy trustee, Robert Keach (defendant), eventually reached a settlement whereby the insurer agreed to indemnify a substantial portion of Montreal’s losses. Wheeling asserted its right to collect the settlement payment pursuant to its secured interest. The bankruptcy court denied Wheeling’s claim. Wheeling appealed to the First Circuit Bankruptcy Appellate Panel.

Rule of Law

Issue

Holding and Reasoning (Harwood, J.)

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