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Commercial Law Keyed to Whaley
In re I80 Equipment, LLC
Citation:
938 F.3d 866 (2019)Facts
First Midwest Bank loaned money to I80 Equipment, LLC, secured by virtually all of I80’s assets as detailed in a security agreement. When filing the UCC financing statement, First Midwest described the collateral as “All Collateral described in First Amended and Restated Security Agreement dated March 9, 2015 between Debtor and Secured Party.” After I80 filed for Chapter 7 bankruptcy, the trustee sought to avoid First Midwest’s security interest, arguing that the financing statement was insufficient because it did not independently describe the collateral but merely referenced the security agreement. The bankruptcy court and district court agreed with the trustee, holding that the financing statement failed to provide sufficient notice to other creditors.
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