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 San Jose Business & Commercial Law Blog

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Always Perfect Your Interest – A Petroleum Producer Learns an Invaluable Lesson

Always Perfect Your Interest A Petroleum Producer Learns an Invaluable Lesson U.C.C Section 9-319(a) grants a consignee ownership rights in consigned goods. Does it also apply to proceeds from the sale of those goods? In the recent decision of In Re Pettit Oil Company, the Ninth Circuit said that it does, holding that proceeds from goods held by a consignee at the time of a bankruptcy filing are subject to the perfection and priority rules in the Bankruptcy Code.

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