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In re Petit Oil
Citation:817 F.3d 1130 (9th Cir. 2019)
The debtor, Pettit Oil Company, entered into a consignment agreement with IPC, Inc., under which IPC was to deliver consigned fuel to card lock sites so Pettit could sell the fuel to its customers. In return for being able to sell its fuel at Pettit’s stations, IPC paid Pettit a monthly commission. Ownership of the fuel remained with IPC until it was sold. Whenever a customer purchased consigned fuel, Pettit prepared an invoice and instructed the customer to remit payment to IPC directly. Despite this instruction, some customers continued to pay Pettit for their purchases of IPC fuel. When Pettit ultimately filed for bankruptcy, it had possession not just IPC fuel but also proceeds from sold fuel that had not yet been remitted to IPC. IPC never filed a financing statement or otherwise perfected its interests.
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