Rockwell International Credit Corp. v. Valley Bank

BURNETT, Judge.

We are asked to determine the priority of competing security interests in collateral moved from one state to another. The district court ruled that a security interest held by Rockwell International Credit Corporation was prior to a security interest held by Valley Bank. For reasons explained below, we reverse.

The facts are undisputed. Valley Bank has a general security interest in “all equipment” of a debtor known as Curtis Press. Rockwell International Credit Corporation has a purchase money security interest in a particular item of equipment acquired by the debtor. Both…