Sheppard Mullin Financial Institutions Law Blog: PAYMENT STREAMS STRIPPED FROM EQUIPMENT LEASES ARE "PAYMENT INTANGIBLES"

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September 12, 2006 | Posted By Sheppard Mullin | permalink

PAYMENT STREAMS STRIPPED FROM EQUIPMENT LEASES ARE "PAYMENT INTANGIBLES"

Question: Are payment streams stripped from bundled equipment leases chattel paper or "payment intangibles" eligible for automatic perfection?

Answer: Payment intangibles, according to the Bankruptcy Appellate Panel (Ninth Circuit) in In re Commercial Money Center, Inc., 06 C.D.O.S. 8391 (Aug. 25, 2006).

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PAYMENT STREAMS STRIPPED FROM EQUIPMENT LEASES ARE "PAYMENT INTANGIBLES"