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Commercial Law Keyed to Zierdt, 1st Ed.
Ward v. Bank of Granite (In re Hickory Printing Group, Inc.)
Citation:
479 B.R. 388 (2012)Facts
The Bank of Granite provided a $3 million revolving line of credit to Hickory Printing Group in 1997, secured by the Debtor’s accounts receivable and inventory. The Bank properly perfected its security interest by filing a UCC financing statement and filed continuation statements in 2002 and 2007. In October 2008, the Bank made a short-term loan to the Debtor secured by the same collateral, which was repaid six days later. On December 1, 2008, the Bank’s Loan Collateral Processor filed a termination statement for the original financing statement, mistakenly believing it related only to the repaid short-term loan. In November 2009, upon discovering the error, the Bank filed a correction statement indicating the termination was “in error” rather than filing a new financing statement. On May 27, 2010, shortly before the Debtor’s assets were sold to Hickory Printing Solutions, the Bank filed a new financing statement. Four months after the asset sale, an involuntary bankruptcy petition was filed against the Debtor.
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