In re Bollinger Corp.
United States Court of Appeals for the Tenth Circuit
614 F.2d 924 (1980)
Bollinger Corporation (debtor) took a second loan from Zimmerman & Jansen (creditor) that assumed the remaining balance of an earlier Industrial Credit loan (secured by an assigned security agreement) plus new funds, but the parties never signed a separate security agreement for the new money — only a promissory note, a financing statement describing the collateral, and letters presuming a security interest existed. After Bollinger's bankruptcy, the bankruptcy court found Zimmerman secured only as to the assigned original loan balance, not the additional funds, but the district court reversed, holding the promissory note alone sufficed as a security agreement.
Whether a creditor may assert a secured claim against a debtor when no formal security agreement was signed, but various documents executed in connection with the loan evince an intent to create a security interest.