Question: PSC Metals Inc PSC entered into an agreement whereby it
PSC Metals, Inc. (PSC) entered into an agreement whereby it extended credit to Keystone Consolidated Industries, Inc., and took back a security interest in personal property owned by Keystone. PSC filed a financing statement with the state, listing the debtor’s trade name, “Keystone Steel & Wire Co.,” rather than its corporate name, “Keystone Consolidated Industries, Inc.” When Keystone went into bankruptcy, PSC filed a motion with the bankruptcy court to obtain the personal property securing its loan. Keystone’s other creditors and the bankruptcy trustee objected, arguing that because PSC’s financing statement was defectively filed, PSC did not have a perfected security interest in the personal property. If this were true, then PSC would become an unsecured creditor in Keystone’s bankruptcy proceeding. Is the financing statement filed in the debtor’s trade name, rather than in its corporate name, effective? In re FV Steel and Wire Company, 310 B. R. 390, 2004 Bankr. Lexis 748 (United States Bankruptcy Court for the Eastern District of Wisconsin, 2004)
Relevant QuestionsC& H Trucking, Inc. (C& H) borrowed $ 19,747.56 from S& D Petroleum Company, Inc. (S& D). S& D hired Clifton M. Tamsett to prepare a security agreement naming C& H as the debtor and giving S& D a security interest in a new ...Harder & Sons, Inc., an International Harvester dealership in Ionia, Michigan, sold a used International Harvester 1066 diesel tractor to Terry on an installment contract. Although the contract listed Blaser’s address as ...Peter and Geraldine Tabala (Debtors), husband and wife, purchased a house in Clarkstown, New York. They purchased a Carvel ice cream business for $ 70,000 with a loan obtained from People’s National Bank. In addition, the ...Jesse Spires was employed as a welder by Johnson Welded Products, Inc. Johnson Welded Products provides a lunchroom equipped with a microwave, refrigerator, and vending machine for sandwiches, snacks, and drinks. Spires ...Getty Oil Company (Getty) operates a separation facility where it gathers gas and oil from wells and transmits them to an outgoing pipeline under high pressure. Getty engineers designed and produced a pressure vessel, called ...
Post your question