In re O&G Leasing, LLC: Mississippi Bankruptcy Court Holds Security Interest Enforceable Despite Filing of Financing Statement During Preference Period | Practical Law

In re O&G Leasing, LLC: Mississippi Bankruptcy Court Holds Security Interest Enforceable Despite Filing of Financing Statement During Preference Period | Practical Law

On August 26, 2011, the US Bankruptcy Court for the Southern District of Mississippi released a decision in an adversary proceeding relating to In re O&G Leasing, LLC. The court held that a security interest was not a preferential transfer, even though a UCC-1 was filed during the 90-day look-back, when the transfer did not result in the diminution of the property available for satisfaction of unsecured claims.

In re O&G Leasing, LLC: Mississippi Bankruptcy Court Holds Security Interest Enforceable Despite Filing of Financing Statement During Preference Period

by PLC Finance
Law stated as of 27 Sep 2011 • USA (National/Federal)
On August 26, 2011, the US Bankruptcy Court for the Southern District of Mississippi released a decision in an adversary proceeding relating to In re O&G Leasing, LLC. The court held that a security interest was not a preferential transfer, even though a UCC-1 was filed during the 90-day look-back, when the transfer did not result in the diminution of the property available for satisfaction of unsecured claims.