Leasing Service Corporation, (86-5345), (86-5510) v. First Tennessee Bank National Association, (86-5345), (86-5510)

KEITH, Circuit Judge.

Appellant-cross appellee First Tennessee Bank National Association (“Bank”) appeals the district court’s grant of summary judgment in favor of appellee-cross appellant Leasing Services Corporation (“LSC”). In its ruling, the court held that LSC was the holder of a security interest, senior to the Bank’s own security interest, in the collateral of Metier Crane and Rigging Co. (“Metier”). The court reasoned that the rejection by the trustee-in-bankruptcy of unexpired portions of certain lease agreements between Metier and a third party did not alter the relative priorities…