In re Wild West World, L.L.C., Debtor

First National loaned Wild West World, L.L.C. (Wild West) over $6 million to build an amusement park, taking a security interest in all of Wild West's property and perfecting it by filing a financing statement in March 2006. Separately, Wild West had contracted with Larson to buy an amusement ride under a Texas-law agreement that reserved title in Larson until full payment, standard industry practice; Larson delivered the ride in March 2007 but didn't file a financing statement covering it until June 2007 — well over 20 days after delivery. When Wild West entered bankruptcy, the ride was sold for $85,800, and both First National and Larson claimed the proceeds.