Central Iowa Production Credit Ass'n v. DeSchamp (In Re DeSchamp)

FINDINGS OP FACT, CONCLUSIONS OF LAW, AND ORDER DENYING SECURED STATUS OF PROPERTY, WITH MEMORANDUM

WILLIAM W. THINNES, Bankruptcy Judge.

This case was submitted to the Court on the written pleadings, a joint stipulation of facts, and briefs.

The case before the Court involves the determination of the validity of PCA’s security interest in the construction equipment owned by the Debtors-in-Possession. On March 20, 1981, the Debtors and PCA entered into a Security Agreement which specifically listed the following construction equipment:

1976 Fiat-AC Bulldozer 11B

1977 AC 11B Bulldozer

1963 AC HE…