Published on 30 May 2013 • USA (National/Federal) |
"In exercising its avoidance powers, a trustee in bankruptcy does not qualify as a "purchaser," but is only a hypothetical "lien creditor" from the date of the filing of the petition. UCC § 9-102(a)(52)(C); Bankruptcy Code § 544(a). The clear negative implication from the last sentence of 9-515(c) is that the post-bankruptcy failure to file a continuation statement is not retroactive to the date of the bankruptcy filing and thus does not render the security interest unperfected when the competitor is the trustee under the strongarm clause."