Levey v. Burke, Wilson & McIlvaine (In Re Bragiel)

MEMORANDUM OPINION

RONALD S. BARLIANT, Bankruptcy Judge.

This proceeding involves a debtor’s pledge of his shares of stock in a law firm, an Illinois professional corporation. The Trustee has moved for summary judgment on its count to avoid an alleged security interest claimed in the shares. The determinative issues are whether Article 8 or

Article 9 of the Illinois Commercial Code governs and whether the alleged secured creditor perfected its security interest under the applicable Article. Because this Court holds that Article 9 governs the pledge of shares in an Illinois professional…