Nickless v. Equipmentlease Corp. (In re Worcester Quality Foods, Inc.)

OPINION

JAMES F. QUEENAN, Jr., Chief Judge.

Cross motions for summary judgment present a three-cornered dispute over the remaining proceeds from the sale of an airplane. At the heart of the controversy is the perennial issue of whether a transaction constitutes a lease or a security agreement, but with a new twist. The question is relevant not with respect to the necessity of a filing by the named lessor but rather with respect to its substantive rights under the agreement. Claiming entitlement to the proceeds are the trustee in bankruptcy, David M. Nickless (the “Trustee”), a lessor of the…