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Contracts Keyed to Farnsworth
Worthen Bank & Trust Co. v. Hilyard Drilling Co
Facts
The Defendant granted a security interest in all of the Defendant’s existing and future accounts receivable to NBC. NBC thereafter perfected the interest by filing financing statements. Four years later, the Defendant granted a secondary security interest in its existing and future accounts receivable to the Plaintiff, which the Plaintiff perfected. Within a month of the Plaintiff’s filing, NBC filed an additional financing statement that would have perfected its interest if it had been the only one filed. However, NBC had missed a deadline. Under the UCC, a first filing is effective for only five years. NBC could have maintained its perfected interest by filing a continuation statement, but it had failed to do so. Therefore, this action was commenced to determine the priority of the creditors’ interests.
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