Ucc Case Brief

[name][subject][professor][date]NAME OF CASEIn re Ace Lumber release , Inc , DebtorFACTSMinot Builders pass around over , complainant creditor , filed a motion for relief from automatic pessary in a Bankruptcy petition filed by herein debtor . It argued that it had a logical hostage interest in the assets of the debtor and was in fact a secured creditorThe claim of the plaintiff creditor that it is in fact a secured creditor is hinged upon two pieces of evidence , to waggery , a signed U .C .C .-1 financing statement , and s eeral(prenominal) handwritten 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) ha nd , objected to the motion saying that these pieces of evidence do not compensate the requirements laid down by law (specifically 30-9-203 Mont . commandment .

Ann ) inasmuch as they do not prove a subsisting and valid security agreement between debtor and creditorISSUE OR QUESTIONDid the debtor process 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 much(prenominal) security agreement , express or implied , was ever perfect The motion for relief from automatic st ay filed by the plaintiff creditor is denied! REASON or RULEThe provisions of the Uniform Commercial encrypt be 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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