United States Second Circuit

In an action involving security interests in an interpleader fund set up to satisfy a judgment, district court's order for distribution of interpleader funds to defendant is vacated and remanded where the General Loan and Security Agreement's assignment of all sums recovered from the judgment constituted an assignment of proceeds received from the judgment and not an assignment of the judgment itself. Defendant failed to take possession of the proceeds of the Fund, and thus its interest is unperfected and junior to plaintiff's interest.

Appellate Information

• Decided 05/07/2009
• Published 05/07/2009

Judges

• MINER, Circuit Judge:, Before:  MINER, SOTOMAYOR, and RAGGI, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellees:
  
• Mitchell B. Reiter, Goldberg & Connolly, Rockville Centre, NY, for Defendant-Cross-Defendant-Counter-Claimant-Cross-Claimant-Appellant., J. Ted Donovan, Finkel, Goldstein, Rosenbloom, & Nash, LLP, New York, NY, for Defendant-Counter-Claimant-Appellee.