FirsTrust Bank v. Indus. Bank (In re Essex Constr., LLC)

THOMAS J. CATLIOTA, U.S. BANKRUPTCY JUDGE

*632Before the court are cross-motions for summary judgment filed by defendant Industrial Bank and plaintiff Firstrust Bank. ECF 7, 11. As of the petition date, both banks held perfected security interests in all of the assets of debtor Essex Construction, LLC, with Industrial Bank's security interest being senior to that of Firstrust. Industrial Bank's financing statement lapsed post-petition on February 13, 2017, when it failed to file timely a continuation statement. Firstrust argues that, as a result of the lapse, Industrial Bank's lien ceased to be…