Kultura, Inc. v. Southern Leasing Corp.

OPINION

REID, Justice.

This case presents for decision the liability of a “UCC-1” filer who fails to timely file a termination statement. The plaintiff, Kultu-ra, Inc., asserts that pursuant to Tenn.Code Ann. § 47-9-404(1) (1992), it is entitled to damages for the loss of the sale of its business and attorney’s fees, and the statutory penalty of $100.00, as the result of the defendant’s, Southern Leasing Corporation’s, failure to file a termination statement under Tennessee’s Uniform Commercial Code. The trial court found that Southern Leasing had failed to file the termination statement as…