First State Bank of Corpus Christi v. Del Tex Corp. (In Re Del Tex Corp.)

MEMORANDUM OPINION

JOSEPH C. ELLIOTT, Bankruptcy Judge.

This case comes before the Court on the Complaint to Lift Stay filed by First State Bank of Corpus Christi (hereinafter referred to as the Bank). A hearing on the merits of the Bank’s Complaint was held, at which time the Court took the matter under advisement on the issue of whether the Bank retained a perfected security interest against the Debtor, Del Tex Corporation (hereinafter referred to as Del Tex). 1

The Bank claims it is a secured creditor of Del Tex by virtue of a financing statement filed on October 30, 1979 in favor of the Bank…