Justia.com Opinion Summary:
Defendant appealed the order of the bankruptcy court granting a motion for summary judgment filed by the trustee of debtor's bankruptcy estate. The trustee sought, and the bankruptcy court entered, an order determining that defendant did not have a security interest in certain of debtor's personal property. The court held that the record supported the bankruptcy court's determination that Wells Fargo had the authority to terminate defendant's successor in interest's (NSB) financing statements. The court also affirmed on the basis that termination of the financing statements was unnecessary because NSB's security interest in the property was extinguished when Loan No. 7 was paid in full in September 2007.Receive FREE Daily Opinion Summaries by Email
Bankruptcy Appellate Panel. The record supports the bankruptcy court's determination that Wells Fargo had the authority to terminate certain financing statements; however, the panel also affirms on the basis that termination of the financing statements was unnecessary because Mutual's security interest in the question was extinguished when a loan was paid in full.