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Commercial Law Keyed to Whaley
In the Matter of Faith Ann Peaslee and Others
Citation:
13 N.Y.3d 75, 913 NE.2d 387 (2009)Facts
GMAC provided financing for the purchase of vehicles by several debtors who subsequently filed for Chapter 7 bankruptcy. To perfect its security interests, GMAC filed financing statements that identified the collateral as specific vehicles. However, these financing statements contained errors in the VINs—in some cases, one or two digits were incorrect, while in others, the VIN was truncated by several digits. The bankruptcy trustee sought to avoid GMAC’s security interests under the “strong-arm” powers of the Bankruptcy Code, arguing that the financing statements were seriously misleading due to the VIN errors. The central issue was whether these errors rendered the financing statements ineffective under New York’s UCC provisions.
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4m 29s