Priority Of Security Interests

81 Florida cases classified under this topic · sorted by citation count · see the citation graph · browse and sort

• Wegner v. Grunewaldt
  821 F.2d 1317· 8th Cir.· 1987-06-29 ·cited 76×
  A secured party can retain a security interest by conditioning authorization to sell collateral on the retention of that interest, but the factual question of whether such a condition was imposed must be determined by the bankruptcy court. Equitable subordination requires fraudul
• Advance Fin. Corp. v. Isla Rica Sales, Inc.
  747 F.2d 21· 1st Cir.· 1984-10-24 ·cited 27×
  The court held that Advance Financial Corp. (AFC) had a superior, perfected security interest in the accounts receivable from Isla Rica Sales, Inc. (Isla) because AFC properly perfected its lien under Georgia law, and Isla had notice of the assignment.
• Am. Standard Credit, Inc. v. Nat'l Cement Co.
  643 F.2d 248· 5th Cir.· 1981-04-20 ·cited 24×
  The court held that one of the district court's key factual findings was clearly erroneous, requiring reversal of its judgment, but remanded for further proceedings due to lack of findings on other crucial issues.
• In re Hammons v. Fedders Fin. Corp.
  614 F.2d 399· 5th Cir.· 1980-03-24 ·cited 23×
  The court held that Fedders' security interest was unperfected because it failed to file in the correct county at the time of perfection, and Borg-Warner's filing, despite minor errors, was sufficient.
• PPG Indus., Inc. v. The Hartford Fire Ins. Co.
  531 F.2d 58· 2d Cir.· 1976-02-13 ·cited 18×
  A secured party's interest in insurance proceeds for destroyed collateral is protected against a federal tax lien, even if the proceeds arise after the lien filing, provided the security agreement intended the insurance to secure the debt.
• Rosehedge Corp. v. Millie Sterett
  274 F.2d 786· 9th Cir.· 1960-01-28 ·cited 18×
  The court held that the District Court erred in ruling as a matter of law that the creditor's claim was extinguished by the sale, as the intent of the parties regarding the sale's effect on the claim was unclear and required factual determination.
• In re Gary Aircraft Corp. v. Gen. Dynamics Corp.
  681 F.2d 365· 5th Cir.· 1982-07-28 ·cited 16×
  The Federal Aviation Act establishes a national recording system but does not preempt state law regarding the priority of security interests in aircraft. A buyer in the ordinary course of business under state law takes free of a perfected security interest, and this protection ex
• The First Nat'l Bank & Tr. Co. OF Okla. City v. Iowa Beef Processors, Inc.
  626 F.2d 764· 10th Cir.· 1980-07-14 ·cited 16×
  A secured party's conditional consent to sell collateral, even if conditioned on receiving proceeds, cuts off the security interest if the buyer is in the ordinary course of business. A buyer's claim of set-off is subordinate to a perfected security interest in the proceeds.
• In re Pubs
  618 F.2d 432· 7th Cir.· 1980-03-07 ·cited 16×
  A security interest can attach and be enforceable even if the debtor lacks formal 'rights in the collateral' when the true owner is estopped from denying the security interest's validity.
• Transamerica Ins. Co. v. Barnett Bank OF Marion Cnty., N.A.
  540 So. 2d 113· Fla.· 1989-03-16 ·cited 14×
  Transamerica Insurance Company sought priority over Barnett Bank for accounts receivable from construction contracts based on equitable subrogation rights arising from payment and performance bonds. The Florida Supreme Court held that a surety's equitable subrogation rights are n
• Int'l Harvester Credit Corp. & Fla. Truck & Tractor Co. v. Am. Nat'l Bank OF Jacksonville
  296 So. 2d 32· Fla.· 1974-02-13 ·cited 14×
  The Florida Supreme Court addressed two UCC questions certified by the First District Court of Appeal regarding farm equipment financing and security interest priorities. The Court held that the farm equipment exemption from filing requirements applies to individual items under $
• Barber-Greene Co. v. Nat'l City Bank OF Minneapolis
  816 F.2d 1267· 8th Cir.· 1987-04-27 ·cited 12×
  A debtor's adoption of a signature on a financing statement, for purposes of perfecting a security interest, need not be in writing if the debtor intends to authenticate the writing.
• ITT Indus. Credit Co. v. Regan
  487 So. 2d 1047· Fla.· 1986-04-24 ·cited 12×
  The Florida Supreme Court held that under the Uniform Commercial Code, a purchase money security interest that is not perfected within the statutory period is subordinate to an earlier perfected security interest in after-acquired property, without limitation to the debtor's equi
• In re Sitkin Smelting AND Refining v. Harrison
  639 F.2d 1213· 5th Cir.· 1981-03-16 ·cited 12×
  The transaction was a contract for sale, not a bailment, making C.I.T.'s perfected security interest superior to Kodak's unperfected interest.
• Ins. Mgmt. Corp. v. Cable Servs. OF Fla., Inc.
  359 So. 2d 572· Fla. 2d DCA· 1978-06-09 ·cited 12×
  This appeal addresses whether insurance proceeds from the theft of collateral are "proceeds" under Florida's Uniform Commercial Code security agreement provisions. The court held that insurance monies paid for loss of collateral constitute proceeds subject to a perfected security
• Branford State Bank v. Hackney Tractor Co., Inc.
  455 So. 2d 541· Fla. 1st DCA· 1984-08-23 ·cited 11×
  The statute of limitations on a conversion claim begins to accrue when the plaintiff knew or should have known of the invasion of its legal rights, not from the date of the conversion itself.
• Nat'l Bank OF Sarasota v. Dugger
  335 So. 2d 859· Fla. 2d DCA· 1976-08-02 ·cited 11×
  This case of first impression in Florida addresses whether an unperfected security interest in personalty, secured by a recorded purchase money mortgage, takes priority over a subsequently perfected security interest under the Uniform Commercial Code. The court holds that the UCC
• In re Automated Bookbinding Servs., Inc. v. Hans Mueller Corp.
  471 F.2d 546· 4th Cir.· 1972-12-27 ·cited 11×
  A debtor receives 'possession' of collateral under UCC § 9-312(4) upon physical delivery, not upon completion of contractual tender of delivery terms. A secured party's purchase money security interest loses priority if not perfected within ten days of the debtor receiving posses
• Am. Emp'rs Ins. Co. v. Am. Sec. Bank, N.A.
  747 F.2d 1493· D.C. Cir.· 1984-11-06 ·cited 10×
  The court held that American Employers had actual knowledge of the Bank's misfiled financing statement, establishing the Bank's priority. The court also affirmed the denial of attorneys' fees.
• Manalis Fin. Co. v. United States
  611 F.2d 1270· 9th Cir.· 1980-01-15 ·cited 9×
  A perfected security interest under state law is prioritized over a federal tax lien, even if state law limits enforceability against the state itself.
• J. E. Joyner, Inc. v. Ettlinger
  382 So. 2d 27· Fla. 1st DCA· 1979-09-18 ·cited 9×
  In this consolidated foreclosure and replevin action, the court addressed the priority of security interests in equipment and liability for damages. The First District affirmed that a purchase money security interest holder was entitled to possession and recovery of damaged equip
• In re Softalk Publ'g Co., Inc. v. First City Bank
  856 F.2d 1328· 9th Cir.· 1988-09-07 ·cited 8×
  A financing statement that fails to describe or identify collateral is insufficient to perfect a security interest, and this deficiency cannot be cured by provisions allowing for minor errors.
• Maxl Sales Co. v. Critiques, Inc.
  796 F.2d 1293· 10th Cir.· 1986-07-16 ·cited 8×
  The court held that a perfected security interest in inventory is not lost under Kan.Stat.Ann. § 84-9-306(4) when the inventory is sold after the institution of state insolvency proceedings, even if the proceeds are later commingled with other funds in federal bankruptcy proceedi
• Mid-Atlantic Supply v. Three Rivers Aluminum Co.
  790 F.2d 1121· 4th Cir.· 1986-05-21 ·cited 8×
  A joint check arrangement, where a general contractor issues a check payable to a supplier and a subcontractor, can create a constructive trust for the supplier under Virginia law, preventing the check from becoming property of the subcontractor's bankruptcy estate. However, this
• Champion MAP Corp. v. Chamco
  235 So. 2d 50· Fla. 4th DCA· 1970-05-06 ·cited 8×
  The court held that summary judgment was improperly granted because a genuine issue of material fact existed regarding whether the transactions created a security interest or an excluded assignment of contract rights.
• Rebecca J. Covey, P.A. v. Am. Imp. CAR Sales
  944 So. 2d 1202· Fla. 4th DCA· 2006-12-20 ·cited 7×
  Rebecca Covey, an attorney, appeals the trial court's decision to grant a judgment lien to SouthTrust Bank against settlement funds, rather than recognizing Covey's superior charging lien. The appellate court reverses, holding that an attorney's charging lien attaches at the comm
• Leasing Serv. Corp. v. First Tenn. Bank Nat'l Ass'n
  826 F.2d 434· 6th Cir.· 1987-08-13 ·cited 6×
  The court held that the trustee's rejection of executory lease agreements did not divest LSC of its prior perfected security interest, and LSC's sale of the collateral was commercially reasonable.
• Marine Midland Bank v. The United States
  687 F.2d 395· Ct. Cl.· 1982-08-25 ·cited 6×
  The government's lien for progress payments prevails over a prior state-created lien, even if the government only acquired a lien and not title.
• Thorp Commercial Corp. v. Northgate Indus., Inc.
  654 F.2d 1245· 8th Cir.· 1981-07-21 ·cited 6×
  The court held that a financing statement describing collateral as "assignment accounts receivable" is sufficient under Minnesota's Uniform Commercial Code to perfect a security interest in after-acquired accounts receivable, as it provides adequate notice to subsequent creditors
• Suburbia Fed. Sav. & Loan Ass'n & Irving Krassner v. Bel-Air Conditioning Co., Inc.
  385 So. 2d 1151· Fla. 4th DCA· 1980-07-09 ·cited 6×
  Article 9 of the Uniform Commercial Code (UCC) supersedes Florida Statute § 726.09 as applied to retain title contracts that qualify as security interests under the UCC.
• Brodie Hotel Supply, Inc. v. United States
  431 F.2d 1316· 9th Cir.· 1970-09-23 ·cited 6×
  The court held that under Alaska's Uniform Commercial Code, a purchase-money security interest is perfected within the ten-day grace period if filed within ten days of the debtor becoming obligated, not merely upon taking possession.
• Lefkowitz v. Quality Labor Mgmt., LLC
  159 So. 3d 147· Fla. 5th DCA· 2014-11-14 ·cited 4×
  The court held that the trial court abused its discretion in denying a post-judgment motion to intervene, as the ends of justice required allowing the intervenor to defend his interest in collateral.
• Mbank Alamo Nat'l Ass'n v. Raytheon Co.
  886 F.2d 1449· 5th Cir.· 1989-10-31 ·cited 4×
  The court held that Raytheon did not have a purchase money security interest (PMSI) in the accounts receivable because the transaction involved advancing inventory, not funds to acquire the accounts, and thus Raytheon's claim was subordinate to MBank and DuPont's perfected securi
• Colo. Bldg. & Constr. Trades Council v. B.B. Andersen Constr. Co., Inc.
  879 F.2d 809· 10th Cir.· 1989-07-20 ·cited 4×
  A magistrate cannot enter a final appealable order in a post-judgment dispute among competing creditors without the parties' express consent, as this power is not granted by the United States Magistrates Act.
• Transamerica Ins. Co. v. Barnett Bank OF Marion Cnty., N.A.
  524 So. 2d 439· Fla. 5th DCA· 1988-03-24 ·cited 4×
  Transamerica Insurance Company (surety) appealed a summary judgment in favor of Barnett Bank of Marion County regarding priority claims to earned but unpaid construction contract payments when a contractor defaults. The Fifth District Court of Appeal held that a financing bank's
• S.E.L. Maduro (Florida) Inc. v. Strachan Shipping Co.
  800 F.2d 1572· 11th Cir.· 1986-10-08 ·cited 4×
  An unperfected security interest has priority over a general unsecured creditor's claim, and a right of setoff cannot abrogate a valid security interest.
• Southtrust Bank OF Ala. v. Borg-Warner Acceptance Corp.
  760 F.2d 1240· 11th Cir.· 1985-05-21 ·cited 4×
  The court held that the inclusion and exercise of after-acquired property and future advances clauses in BWAC's security agreements converted its purchase money security interest (PMSI) into an ordinary security interest, thus losing its priority status.
• Crocker Nat'l Bank v. Clark Equip. Credit Corp.
  724 F.2d 696· 8th Cir.· 1984-01-11 ·cited 4×
  The court held that chattel paper transferees who repossess goods retain a security interest if they are unpaid, and that a reorganization of a debtor company does not necessarily extinguish existing security interests or subordination agreements.
• Frank v. James Talcott, Inc.
  692 F.2d 734· 11th Cir.· 1982-11-29 ·cited 4×
  The court held that Talcott's perfected security interest in the installment sales contracts and their proceeds takes priority over Frank's unperfected security interest, even though Talcott's interest was acquired later.
• Vern Lettinga v. Agristor Credit Corp.
  686 F.2d 442· 6th Cir.· 1982-08-26 ·cited 4×
  The court held that Agristor's possession and sale of cows not subject to its security interest constituted conversion, but Lettinga failed to prove the identity of most cows in which he held a security interest.
• United States v. Newcomb
  682 F.2d 758· 8th Cir.· 1982-07-15 ·cited 4×
  The court held that the Uniform Commercial Code (UCC) Article 9, as adopted in Missouri, governs security interests in growing crops, and the description of the real estate in the security agreement was adequate.
• LOS Angeles Paper BAG Co. v. James Talcott, Inc.
  604 F.2d 38· 9th Cir.· 1979-09-12 ·cited 4×
  The court held that an inventory financer with a perfected security interest has priority over an unpaid cash seller when goods are delivered directly to a third party at the buyer's direction.
• WO Co. (Formerly Nytco Leasing v. Benjamin Franklin Corp.
  562 F.2d 1339· 1st Cir.· 1977-09-30 ·cited 4×
  The court held that the stipulation limited WO Co.'s recovery to the proceeds from the foreclosure sale, and that WO Co.'s collateral was not sold as fixtures because of the parties' expressed intent and Franklin's notice.
• Am. Nat'l Bank OF Jacksonville v. Int'l Harvester Credit Corp.
  269 So. 2d 726· Fla. 1st DCA· 1972-11-09 ·cited 4×
  This certified question case addresses two UCC issues regarding priority of security interests in farm equipment: whether a seller must file a financing statement when the total purchase price of items in a single contract exceeds $2,500 even if individual items are less, and whe
• Dickason v. Marine Nat'l Bank OF Naples, N.A.
  898 So. 2d 1170· Fla. 2d DCA· 2005-04-06 ·cited 3×
  This case addresses a question of first impression in Florida: whether Article 9 of the UCC permits incorporation of a financing statement's collateral description into a security agreement to reflect the parties' intent regarding after-acquired property. The court held that such
• Bank OF THE W. v. Commercial Credit Fin. Servs., Inc.
  852 F.2d 1162· 9th Cir.· 1988-07-26 ·cited 2×
  The court held that an intercorporate transfer of assets between wholly-owned subsidiaries, under these circumstances, constitutes a change in corporate structure, not a bona fide third-party transfer, allowing CCFS's security interest to remain perfected in transferred and subse
• In re Tittabawassee Inv. Co. v. Tittabawassee Inv. Co.
  831 F.2d 104· 6th Cir.· 1987-10-07 ·cited 2×
  A security interest in a Michigan liquor license requires filing a financing statement under the UCC to be perfected; an unperfected security interest is inferior to a perfected security interest and a trustee's lien.
• Aeronautics & Astronautics Servs. v. First Palm Beach Int'l Bank
  471 So. 2d 188· Fla. 3d DCA· 1985-06-18 ·cited 2×
  In this interpleader action, the Third District Court of Appeal reversed summary judgment for First Palm Beach Bank in a dispute over $50,000 in cash proceeds from Aerotal's account. The court held that while the bank had a perfected security interest in specified accounts receiv
• In re Bufkin Bros., Inc. v. Appliance Buyers Credit Corp.
  757 F.2d 1573· 5th Cir.· 1985-04-22 ·cited 2×
  A typewritten corporate name on a continuation statement, coupled with the present intention to authenticate, substantially complies with the UCC's signature requirement, and a creditor is not responsible for a filing officer's improper rejection of a substantially compliant docu
• Hutchison v. C.I.T. Corp.
  726 F.2d 300· 6th Cir.· 1984-02-08 ·cited 2×
  The court held that the defendants' perfected security interests were superior to the plaintiff's unperfected security interest, and that one defendant qualified as a buyer in the ordinary course of business, taking the property free of any prior security interest.