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Commercial Law Keyed to Lopucki
National Peregrine, Inc. v. Capitol Federal Savings and Loan Association of Denver (In re Peregrine Entertainment, Ltd.)
Facts
Appellee extended to Appellant a $6 million dollar line of credit secured by Appellant’s film library. The collateral included copyrights, distribution rights, and licenses to approximately 145 films. Appellee filed its UCC-1 financing statements in three states but did not record its security interest with the United States Copyright Office. Appellant filed for bankruptcy and filed an amended complaint against Appellee contending that Appellee’s security interest in the copyrights to the films was unperfected because it failed to record its security interest with the Copyright Office. Appellant appeals the bankruptcy court finding in favor of Appellee.
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