In re Rolain
United States Court of Appeals for the Eighth Circuit
823 F.2d 198 (1987)
Norwest Bank (Norwest) loaned Rolain (debtor) $163,000 secured by a promissory note from one of Rolain's own debtors; because that note was subject to a confidentiality agreement, Rolain and Norwest agreed to have Rolain's attorney, Mannikko, hold the note under a written agency agreement with Norwest. After Rolain filed bankruptcy, Norwest sought summary judgment declaring its security interest perfected by possession; the bankruptcy trustee argued Rolain's own attorney remained under Rolain's control, meaning Norwest never actually had possession.
Whether possession of collateral by a debtor's own attorney can satisfy the perfection-by-possession requirements of UCC §9-305, when the attorney entered a formal agency agreement making him a fiduciary to the secured creditor.