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Secured Transactions Keyed to Sepinuck
In re Sabol
Citation:
337 B.R. 195 (Bankr. C.D. Ill. 2006)Facts
On May 25, 2002, the Debtor, Sound Farm Productions, applied for an SBA-guaranteed loan from a Bank to expand his recording business, requesting $58,000. The application, completed by the Bank on June 3, included collateral details for existing and new assets. On July 5, 2002, the Debtor signed a promissory note and a letter authorizing the Bank to manage financing documents as per Illinois UCC guidelines. On July 18, the Bank filed a UCC financing statement on the Debtor’s inventory, receivables, and equipment without his signature. The Debtor did not recall discussing a security agreement but signed all documents required for the loan. Loan proceeds were used for working capital and equipment, with less than $20,000 going toward new purchases.
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