An action arose from a dispute over rights to a 16th century painting, which is scheduled for auction at Sotheby’s. Plaintiff, an art historian, challenged the validity of a UCC-1 lien filed by defendants against the painting, arguing that they have no security interest. Plaintiff now moved for injunctive relief, maintaining that the parties never reached a final agreement and that defendants never paid the $1,250,000 purchase price.
Plaintiff further argued that the UCC-1 lien is therefore invalid within the meaning of Article 9 of the UCC. Finally, plaintiff alleged that the lien impairs the painting’s value at auction and contended that the painting from the auction now will also serve to diminish its value in the estimation of potential purchasers. The court denied plaintiff’s motion, without prejudice, determining that plaintiff failed to establish by clear and convincing evidence all that is necessary for a preliminary injunction.
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