National City Bank of Kentucky v. Andre M. Toffel

BIRCH, Circuit Judge:

National City Bank of Kentucky (NCB) appeals the bankruptcy court’s decision, affirmed by the district court, that NCB failed to perfect a security interest in a $1,000,000.00 fund held in escrow for Alabama Land and Minerals Corporation (“Alabama Land”) and Mid-South Resources Corporation (“Mid-South”). On cross-motions for summary judgment, the district court characterized the $1,000,000.00 fund (“subject funds”) as a certifícate of deposit (“CD”) and reasoned that NCB’s interest was unperfected because NCB did not possess a certificate. The district court granted…