The County Federal Credit Union v. Michael Madore

Summary

The court affirmed judgment awarding the credit union possession of the snowmobile because the borrower’s signed loan documents created an enforceable security agreement and the credit union had filed its financing statement before the purchase. The court held that a separate document formally labeled a security agreement was unnecessary where the signed writing identified the collateral and evidenced agreement to grant a security interest. The purchaser also could not invoke the buyer-in-ordinary-personal-use exception because the financing statement had already been filed.