In Re Federal Wholesale Meats & Frozen Foods, Inc.

This appeal challenges the holding of the trial court that the security interest of appellant, Layton Investment Company, in the accounts receivable of Federal Wholesale Meats & Frozen Foods, Inc., is subordinate to the interest of respondent, the as-signee for the benefit of creditors. The challenge requires that several questions be answered.

1. When did appellant “perfect” its security interest?

With exceptions not here material, sec. 409.301, Stats., provides that an unperfected security interest is subordinate to the rights of a lien creditor. Sub. (3) of this statute includes within the…