Albany Discount Corp. v. Mohawk National Bank

In a contest between the assignee of a purchase-money financing sales contract and a subsequent mortgagee of a mobile home, the subsequent lienor has prevailed because the assignee had failed to make a timely refiling or equivalent provision as required by the Uniform Commercial Code in order to maintain its status as holder of a perfected security interest. The only issue is whether the mobile home is a motor vehicle under section 9-302 (subd. [1], par. [d]) of the code. If it is, a financing statement or equivalent affecting it must be filed and for failure to do so a subsequent lienor who…