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Secured Transactions Keyed to Whaley
In re I80 Equipment
Citation:
938 F.3d 866 (2019)Facts
I80 Equipment, LLC operated a business in Illinois purchasing and refurbishing trucks for resale. On March 9, 2015, I80 Equipment obtained a commercial loan from First Midwest Bank and executed a security agreement granting First Midwest a security interest in substantially all of I80 Equipment’s assets, described in twenty-six listed categories including accounts, cash, equipment, instruments, goods, inventory, and all proceeds. To perfect its interest, First Midwest timely filed a financing statement with the Illinois Secretary of State that stated it covered “All Collateral described in First Amended and Restated Security Agreement dated March 9, 2015 between Debtor and Secured Party.” Two years later, I80 Equipment defaulted on the loan and filed for Chapter 7 bankruptcy. First Midwest sought a declaration that its security interest was properly perfected and senior to all other claims. The trustee countered that the financing statement was defective because it incorporated the collateral description by reference rather than containing an independent description within its four corners.
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