Ostrander v. Gardner (In re Milivision Inc.)

Pre 2005-Act: 
Pre 2005-Act
Creditor's postpetition recording of financing statement did not relate back to date of loan.
Procedural posture: 
Appellant lenders made a loan to debtor. The next day, debtor's creditors filed an involuntary chapter 11 petition. Unaware of the bankruptcy petition, appellants did not record a financing statement relating to their loan until five days after the loan was made. The bankruptcy court permitted the trustee to invoke 11 U.S.C. § 547, the "strong-arm" provision, to avoid appellants'interest in debtor's assets. They appealed.
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