UCC Requirements for Describing Collateral in Financing Statements

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In re I80 Equipment, LLC, 2018 WL 4006294 (Bankr. C.D. Ill. Aug. 20, 2018) involved whether a secured party properly perfected its security interest in a debtor’s collateral. First Midwest Bank made a commercial loan to I80 Equipment, LLC, and obtained a security interest in substantially all of I80 Equipment’s assets in return. The security agreement listed a security interest in twenty-six categories of collateral. However, when First Midwest filed a financing statement, it merely defined the collateral as “All collateral described in [the security agreement] . . . between Debtor and Secured Party.” In perhaps a fatal move, First Midwest did not attach the security agreement to the financing statement.

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