Federal Deposit Insurance v. Hastie

BRORBY, Circuit Judge.

The issue in this case is whether’a perfected security interest in registered and certificated common stock continues in cash dividends paid on that stock under the Uniform Commercial Code as enacted in the state of Oklahoma.

I

Acquisition Management, Inc., a successor in interest of the Federal Deposit Insurance Corporation, acquired a security interest in shares of stock owned by a debtor, Mr. John Hastie. FDIC/Acquisition Management [hereinafter “FDIC”] and Mr. Hastie also entered into a security agreement in favor of FDIC covering dividends paid on the stock.1 *1044The…