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Commercial Law Keyed to Whaley
In re Arlco, Inc.
Citation:
239 B.R. 261 (1999)Facts
Arlco, Inc. operated a business selling various products and had obtained financing from Mechanics Bank. As part of the financing arrangement, Mechanics Bank received a security interest in Arlco’s inventory, accounts receivable, and all proceeds thereof. The bank properly perfected its security interest by filing UCC financing statements. When Arlco’s business encountered financial difficulties, it filed for Chapter 11 bankruptcy protection. After filing, Arlco continued to operate its business and sell inventory, generating cash proceeds. Arlco filed a motion with the bankruptcy court seeking authorization to use these cash proceeds to fund its ongoing operations, arguing that such use was necessary for its reorganization efforts. Mechanics Bank objected to Arlco’s motion, asserting that its security interest extended to the cash proceeds and that Arlco could not use them without providing adequate protection for the bank’s interest.
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4m 29s