McAllister v. Cherokee Valley Federal Savings & Loan Ass'n (In Re McAllister)

MEMORANDUM

RALPH H. KELLEY, Bankruptcy Judge.

The remaining dispute in this adversary proceeding is between First Tennessee Bank (the Bank) and the Internal Revenue Service (the IRS).

The debtor, Gary McAllister, and the defendants, Byers and Chastain, owned an office building as partners, but the recorded deeds simply named them as grantees, which would make them tenants in common. The Bank acquired a security interest in McAllister’s interest in the partnership, which was personal property, and perfected the security interest by filing a financing statement (UCC-1) with the Tennessee Secretary…