In re Cliff's Ridge Skiing Corp.

Cliff's Development, a creditor, held a properly recorded and UCC-perfected mortgage covering a ski resort property and all future fixtures before conveying the property to Cliff's Skiing (debtor) subject to that mortgage and a second properly recorded mortgage back to Cliff's Development; First National (creditor) later loaned money for a chairlift and perfected its resulting security interest by filing financing statements both with the county register of deeds under state real estate law and separately under UCC procedures. When Cliff's Skiing entered bankruptcy and the trustee sold the chairlift, FOA, Cliff's Development, and First National all claimed competing security interests in it.