Summary
holding that secured creditor's rights were superior to judgment creditor where UCC-1 filing predated perfection of judgment lien
Summary of this case from U.S. v. J.A. Jones Construction Group, LLCOpinion
February 14, 1995
Appeal from the Supreme Court, Queens County (Risi, J.).
Ordered that the order is affirmed, with costs.
Prior to the amendment of UCC 9-304 (1), a security interest in cooperative corporation shares and concomitant proprietary leases could be effectuated by either the filing of a UCC-1 financing statement or by the secured party taking possession of the subject shares (see, Matter of State Tax Commn. v. Shor, 43 N.Y.2d 151, 158; UCC former 9-304 [1]). Thus, since the petitioner's UCC-1 filing predated the perfection by the appellants of their judgment liens, the rights of the petitioners were superior to those of the appellants. Bracken, J.P., Balletta, Copertino and Hart, JJ., concur.