Did the bank have perfected security interest in property

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Reference no: EM132163278

Elmer and Pam Strong leased and operated service stations. They were incorporated as “E. Strong Oil Co.,” although they used “Strong Oil Co.” as their trade name. The First National Bank of Lacon loaned the couple $75,000. The promissory note named “Strong Oil Co.” as the borrower. Both Elmer and Pam signed the note, along with an agreement that gave the bank a security interest in the company’s inventory, equipment, accounts, and other assets. The bank filed a financing statement, listing the debtor as “Strong Oil Co.” The Illinois Department of Revenue seized all of the company’s assets, claiming $229,000 in unpaid motor fuel taxes. The bank sued, claiming that it was entitled to all of the property, based on its security interest. The issue was whether the bank had perfected its interest. If the bank had perfected, it was entitled to the property. If the bank had failed to do so, because it filed under the name Strong rather than “E. Strong,” the Department could take everything. The trial court found that the bank had validly perfected its interest, and the Department appealed. Did the bank have a perfected security interest in the property?

Reference no: EM132163278

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