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Statutory Interpretation – Bankruptcy – UCC

By: Derek Hawkins//October 7, 2019//

Statutory Interpretation – Bankruptcy – UCC

By: Derek Hawkins//October 7, 2019//

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7th Circuit Court of Appeals

Case Name: I80 Equipment, LLC, v. First Midwest Bank

Case No.: 18-3291

Officials: KANNE, BARRETT, and BRENNAN, Circuit Judges.

Focus: Statutory Interpretation – Bankruptcy – UCC

This interlocutory bankruptcy appeal presents a matter of first impression for our court: whether Illinois’s version of Article 9 of the Uniform Commercial Code requires a financing statement to contain within its four corners a specific description of secured collateral, or if incorporating a description by reference to an unattached security agreement sufficiently “indicates” the collateral. The bankruptcy court ruled that a financing statement fails to perfect a security interest unless it “contains” a separate and additional description of the collateral. Given the plain and ordinary meaning of the Illinois statute, and how courts typically treat financing statements, we disagree and reverse.

Reversed and remanded

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Derek A Hawkins is trademark corporate counsel for Harley-Davidson. Hawkins oversees the prosecution and maintenance of the Harley-Davidson’s international trademark portfolio in emerging markets.

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