Security Peoples Trust Co. v. Elia (In Re Elia)

MEMORANDUM ON COMPLAINT FOR RELIEF FROM AUTOMATIC STAY

WILLIAM B. WASHABAUGH, Jr., Bankruptcy Judge:

The Security Peoples Trust Company loaned thé debtors $2,094.56 with which to purchase two hospital beds from an appliance dealer under a security agreement which described the collateral as “all goods purchased under this account”. No financing statement was filed or obtained by the bank and the question is whether its lien was perfected against the trustee in bankruptcy and the debtors’ exemption rights under the foregoing circumstances.

That the lien constituted a purchase money security…