Commercial Trading Co. v. Bassin

OAKES, Circuit Judge:

Appellant made a secured loan to the bankrupt, Laminated Veneers Co., Inc., which was validly executed on December 20, 1968. The covering security agreement specifically pledged items (including a truck) described in its Schedule A and generally pledged other items *1125through an “omnibus clause” set out in the margin below.1 The omnibus clause gave the appellant a valid secured interest in accounts receivable, inventory, fixtures, machinery, equipment, and tools of the bankrupt. The question here is whether Commercial’s secured interest in “equipment” gave it a lien on two…