Question: please correctly answer scenario (27.1) in 3-5 sentences. 27.1 Financing Statement PSC Metals, Inc. (PSC), entered into an agreement whereby it extended credit to Keystone
please correctly answer scenario (27.1) in 3-5 sentences.
27.1 Financing Statement 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 bankruptey, PSC filed a motion with the bankruptcy court to obtain the personal property securing its loan. Keystone's other creditors and the bankruptey 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 Bankruptey Court for the Eastern District of Wisconsin, 2004)
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