A-W-D, Inc v. Salkeld

DISSENTING OPINION

GARRARD, J.

—The majority opinion in this case holds that where a general creditor bargains with its debtor for a security interest and a term of the bargain imposed by the debtor is the protection of another creditor who holds an unperfected security interest, the creditor may accept the benefit of the bargain but reject its burden by recording the security interest thus obtained. I dissent from this view. Our decision is controlled by Article 9 of the Uniform Commercial Code, IC 26-1-9-101 et seq. Further references to the article are limited to the appropriate section…