In Re John's Bean Farm Of Homestead, Inc.

378 B.R. 385 (2007)

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Nature of the Case

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Facts

John's Bean Farm of Homestead, Inc. (Debtor) filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code. D filed a proof of claim on April 6, 2007, asserting a total claim in the amount of $152,000, claiming $ 120,000 was secured, and $32,000 was an unsecured priority claim. P in his capacity as Chapter 7 Trustee filed an objection to the proof of claim and moved for summary judgment in his favor. D filed a cross-motion for summary judgment. The Debtor, a Florida corporation, owned and operated a commercial bean farm. D made a loan to the Debtor in the amount of $197,255.33, which the Debtor used to purchase a John Deere Spray Machine. The loan was never memorialized in writing. The Debtor defaulted. D purported to take a security interest in the Equipment, evidenced by a Security Agreement and Secured Promissory Note dated July 28, 2006. D filed a UCC-1 Financing Statement with the Florida Secured Transaction Registry on August 9, 2006, which identified the Debtor as 'John Bean Farms, Inc.' instead of the Debtor's actual name of incorporation, 'John's Bean Farm of Homestead, Inc.' The Debtor filed a Chapter 7 petition and, shortly thereafter, D filed his proof of claim. P filed an objection to the claim contending that D's financing statement, which misidentified the Debtor, fails to comply with the general rule governing the sufficiency of debtor names on financing statements and the concomitant safe harbor provision for minor errors, and that therefore D's claim if any, is unsecured.