In re Vitreous Steel Products Co. - United States Court of Appeals for the Seventh Circuit

In re Vitreous Steel Products Co.

By United States Court of Appeals for the Seventh Circuit

  • Release Date - Published: 1990-08-07
  • Book Genre: Law
  • Author: United States Court of Appeals for the Seventh Circuit
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In re Vitreous Steel Products Co. United States Court of Appeals for the Seventh Circuit read online review & book description:

COFFEY, Circuit Judge. Vitreous Steel Products (""Vitreous"") is a manufacturer of enamelled steel goods with a manufacturing facility in Nappanee, Indiana and executive offices in Cleveland, Ohio. Thomas Weil was President, and all of the company's stock was owned by the Weil family until 1986. In 1981, the company borrowed money from the Saint Joseph Valley Bank (now known as Midwest Commerce Banking Company, hereinafter ""the Bank""), and gave a mortgage on the plant's realty and fixtures and a security interest in all the company's personal property. The security agreement covered all presently owned and after acquired personal property; however, the financing statement listed ""All Inventory; Accounts Receivable; General Intangibles; and Equipment described in Exhibit A attached hereto and incorporated herein."" Exhibit A listed the property owned by the corporation, piece by piece. The financing statement fails to reflect any reference to property acquired subsequent to the date of the loans. Thus the Bank's security interest in after-acquired property was unperfected.

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