In April of this year we examined two recent cases involving UCC financing statement collateral descriptions that relied entirely on cross-references to the related security agreement.
The first of these cases, First Midwest Bank v. Reinbold (In re I80 Equipment, LLC), 591 B.R. 353 (Bankr. C.D. Ill. 2018), was decided in August 2018 by the Bankruptcy Court for the Central District of Illinois. The second decision, In re Fin. Oversight & Mgmt. Bd. For P.R., 914 F.3d 694 (1st Cir. 2019), was issued in January 2019 by the U.S. Court of Appeals for the First Circuit. Both cases involved UCC-1 financing statements that contained no collateral information but simply sent the searcher to a document that was not annexed to the financing statement. Both courts concluded that the collateral description was therefore insufficient.
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