McKenna, Tabb, Stockl Co-Author ABI Journal Article on Controversial Seventh Circuit Decision, In re 180 Equipment LLC

May 2020 ABI Journal News

Partner William McKenna, Of Counsel Charles Tabb and Associate Matthew Stockl have co-authored an article in the ABI Journal, “The Sky Isn’t Falling,” about the 7th U. S. Circuit Court of Appeals decision In re 180 Equipment LLC involving the perfection requirements of Article 9 of the Uniform Commercial Code. McKenna, Tabb and Stockl, who represented the prevailing party in the case, contend that the Seventh Circuit got it right when it held that a financing statement sufficiently indicated the collateral covered by it when it referenced, by date, a security agreement between a debtor and a secured party, but did not attach the actual security agreement.

The Seventh Circuit’s decision was the first by a circuit court of appeals or a state supreme court squarely addressing this question under the revised version of Article 9 that went into effect in 2001.

The U.S. Supreme Court denied certiorari review of the Seventh Circuit’s decision  earlier this year

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