Sunday, October 6, 2013

Ucc Case Brief

[name][subject][professor][date]NAME OF CASEIn re Ace Lumber release , Inc , DebtorFACTSMinot Builders cede , complainant creditor , filed a motion for relief from automatic midriff in a Bankruptcy petition filed by herein debtor . It argued that it had a logical certification interest in the assets of the debtor and was in fact a secured creditorThe claim of the complainant creditor that it is in fact a secured creditor is hinged upon two pieces of evidence , to placard , a signed U .C .C .-1 financing statement , and s eeral(prenominal) breakwritten notes . The handwritten notes were offered as an authentic and faithful go into of the correspondences between the plaintiff creditor and debtor conducted over the telephone as the terms of future purchases and credits were being negotiatedThe trustees , on the early(a) hand , objected to the motion saying that these pieces of evidence do not avenge the requirements laid down by law (specifically 30-9-203 Mont . commandment .
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Ann ) inasmuch as they do not prove a subsisting and valid security agreement between debtor and creditorISSUE OR QUESTIONDid the debtor go a security agreement in favour of the plaintiff creditor , in accordance with law and jurisprudence , which would mollify plaintiff creditor security interest over debtor s propertyDECISIONNo . No such(prenominal) security agreement , express or implied , was ever meliorate The motion for relief from automatic stay filed by the pla intiff creditor is deniedREASON or RULEThe p! rovisions of the Uniform Commercial encrypt are clear on the formal requirements for the...If you want to hitch a full essay, order it on our website: OrderCustomPaper.com

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