In re Nay

Ronald Markt Nay and his wife Sherry Nay granted MainSource Bank (MainSource) a security interest in certain personal property. LEAF Capital Funding, LLC (LEAF) later made two loans to the Nays to buy new equipment, each secured by a financing statement that misspelled Ronald's name as "Ronald Mark Nay" rather than his correct name, "Ronald Markt Nay," as shown on his driver's license. The Nays filed for bankruptcy, and MainSource argued its interest in the new equipment had priority because LEAF's misspelled financing statements failed to perfect LEAF's security interest; MainSource moved for judgment on the pleadings.