Bank of Utica v. Smith Richfield Springs, Inc.

The question is whether a filed financing statement covering “ motor vehicles ” is sufficiently specific under section 9-402 of the Uniform Commercial Code to perfect the security interest of a bank loaning on a chattel mortgage for three named automobiles as opposed to the interest of the seller of the automobiles who received payment for those cars by way of a worthless check.

On May 17, 1965, the plaintiff and Worden Motors both executed and filed a financing statement securing advances made on “ motor vehicles ”, That statement was effective for five years or until terminated by the…