Load-It, Inc. v. GTE Leasing Corp. (In re Load-It, Inc.)

ORDER

HAROLD L. MURPHY, District Judge.

Load-It, Inc. appeals the bankruptcy court’s decision that GTE Leasing Corporation (“GTE Leasing”) has a perfected security interest in three Kenworth tractors. This Court reverses and remands.

On May 20, 1983, Load-It, Inc. entered into a Master Lease agreement with GTE Leasing. Pursuant to that agreement, Load-It agreed to lease, with an option to buy, three Kenworth tractors. Pursuant to O.C.G.A. § 40-3-50(b) (1982), GTE Leasing applied with the state of Georgia for certificates of title and thereby perfected security interests in the three tractors.

On…