In re Commercial Money Center, Inc.

CMC (debtor) assigned rights to payment streams from equipment leases, along with a separate security interest in the underlying lease agreements, to NetBank (defendant) through Sale and Servicing Agreements; after CMC filed bankruptcy, the trustee (plaintiff) sued to set aside NetBank's interests, and the bankruptcy court found the payment streams constituted chattel paper (which is not automatically perfected), that the SSAs were loans rather than true sales, and that NetBank had neither taken possession of the leases nor filed financing statements, ruling for the trustee; NetBank appealed.