Pankratz Implement Co. v. Citizens National Bank Case Brief
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Case Brief Summary & Legal Analysis
tl;dr: A creditor misspelled a debtor’s first name (“Roger” for “Rodger”) on a financing statement. A later creditor filed correctly. The court held the first filing was “seriously misleading” and unperfected because a standard search under the correct name did not reveal it.
Legal Significance: Establishes a bright-line rule under Revised UCC Article 9: a debtor’s name error on a financing statement is “seriously misleading” if it prevents discovery through a standard search using the debtor’s correct legal name, placing the burden of accuracy squarely on the filing creditor.
Pankratz Implement Co. v. Citizens National Bank Law School Study Guide
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Case Facts & Court Holding
Key Facts & Case Background
Pankratz Implement Co. sold a tractor to Rodger House and took a security interest. In its financing statement filed with the Kansas Secretary of State, Pankratz misspelled the debtor’s name as “Roger House.” Subsequently, Citizens National Bank (CNB) extended a loan to the same debtor, taking a security interest in the same equipment, and filed a financing statement using the debtor’s correct legal name, “Rodger House.” After House filed for bankruptcy, a dispute arose between Pankratz and CNB over priority to the collateral. It was undisputed that a search of the filing office’s records using the debtor’s correct name, “Rodger House,” and the office’s “standard search logic” did not disclose Pankratz’s prior financing statement. However, a separate, non-official internet search tool with a more flexible logic would have revealed the filing. Pankratz sued for a declaratory judgment, claiming its filing was effective despite the minor error.
Court Holding & Legal Precedent
Issue: Under Revised UCC Article 9, is a financing statement that misspells the debtor’s name “seriously misleading” if a search of the filing office’s records under the debtor’s correct name, using the office’s standard search logic, fails to disclose the statement?
Yes. The court held that Pankratz’s financing statement was seriously misleading and Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupida
IRAC Legal Analysis
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Legal Issue
Under Revised UCC Article 9, is a financing statement that misspells the debtor’s name “seriously misleading” if a search of the filing office’s records under the debtor’s correct name, using the office’s standard search logic, fails to disclose the statement?
Conclusion
This case solidifies the modern, bright-line approach of Revised Article 9, making Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo
Legal Rule
A financing statement that fails to provide the debtor's correct name in Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit
Legal Analysis
The court interpreted K.S.A. 84-9-503 and K.S.A. 84-9-506 *in pari materia* to Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex
Flash-to-Full Case Opinions
Flash Summary
- Under Revised UCC Article 9, a financing statement with an incorrect