You are here

Opinion 2

Case Name: 

Twelves v. Prod. Credit Assoc. (In re Indian Springs Farm & Ranch, Inc.) Mason v. Prod. Credit Assoc. (In re River Bottom Equip. Leasing Co.)

Judge: 
Judge Mabey
Date: 
May-31-1979
Case Number(s): 
77-0062 and -0063
Status: 

UNPUBLISHED

Body: 

Creditor sold collateral to debtor and properly filed a financing statement under Utah Code Ann. § 70A-9-402. Debtor later filed a bankruptcy petition, and trustee filed a complaint seeking determination of all parties' interests in the collateral. Creditor asserted that its financing statement made its lien superior to that of the trustee, and the court considered whether creditor's description of the property in its financing statement was sufficient, under Utah Code Ann. § 70A-9-110, to "reasonably identify" what was covered. The court determined that a description of collateral that makes identification possible, upon reasonable inquiry, would be sufficient under the statute, and that a description of the collateral in the security agreement would be highly relevant to that issue. After the court determined which items of property held in storage were subject to creditor's lien, it determined that Utah law was unclear as to whether creditor could first foreclose on personal property and then on real property in a separate action, concluding that nothing in the statutes precluded separate actions.

Internal Ref: 
Opinion 2
File: