Bankruptcy — security interest, financing statement

Posted October 9, 2019 9:41 AM

Where a financing statement could incorporate a description of collateral by reference to the parties’ security agreement under Illinois’ revised version of the Uniform Commercial Code.The 7th U.S. Circuit Court of Appeals reversed a decision by Chief U.S. Bankruptcy Judge Thomas L. Perkins, Central District of Illinois.I80 Equipment LLC is a business in Illinois that purchased and refurbished trucks for resale. I80 Equipment obtained a commercial loan from First Midwest Bank. To ensure repayment, the parties …

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