Wendel v. Florida National Bank (In Re Shams)

MEMORANDUM DECISION

THOMAS C. BRITTON, Bankruptcy Judge.

The plaintiff trustee seeks a determination of the validity, priority and amount of the defendant bank’s lien. The facts are not in dispute. The question presented at the trial held on July 16 is whether the description of collateral in the recorded UCC Financing Statement is adequate.

The collateral is the debtor’s interest in a land trust agreement. It is undisputed that this interest is personal property and, therefore, subject to the requirements of Article 9 of the Uniform Commercial Code, FlaStat. Ch. 679.

The UCC requires the filing…