Bornstein v. Metal-Built Products, Inc. (In Re Metal-Built Products, Inc.)

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue before the court is whether the plaintiff, Leon Bornstein (“Bornstein”), is entitled to reclaim the machinery and equipment of the defendant corporation, Metal-Built Products, Inc. (“the debtor”), pursuant to a security and loan agreement executed by the parties on September 12, 1977. While we conclude that Bornstein’s security interest is valid and perfected under Article 9 of the Uniform Commercial Code, because we also find that there is equity in the machinery and equipment and because the secured property is necessary to a consummation…