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Expert Analysis

6th Circ. Creates Risky Situations For Secured Parties

Law360, New York (April 21, 2014, 2:09 PM EDT) -- If a truck is leased to a customer, and the customer pays cash to the lessor, the cash would clearly be "proceeds" subject to a security interest in the lessor's interest in the truck. If the customer defers payment, and the lessor receives an account rather than cash, is that account also deemed "proceeds" of the collateral that would be subject to the security interest? Surprisingly perhaps to some, the answer may be "no," according to a recently reported case, 1st Source Bank v. Wilson Bank & Trust, 735 F.3d 500 (6th Cir. 2013)....

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