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Secured Transactions Keyed to Lopucki
Omega Environmental Inc. v. Valley Bank, N.A.
Citation:
219 F.3d 984 (9th Cir. 2000)Facts
A security interest in an instrument is perfected by possession. It is undisputed that at all times relevant to this action, the Bank had possession of the certificate of deposit CD. The parties dispute over the question whether the Bank perfected its security interest in the CD if the CD is an instrument as defined in the UCC, which defines instrument as a negotiable instrument or any other writing which evidences a right to the payment of money and is not itself a security agreement and is of a type which is in ordinary course of business transferred by delivery with any necessary endorsement or assignment.
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