McRae v. Security Pacific Housing Services, Inc.
Decision Date | 27 August 1993 |
Citation | 628 So.2d 429 |
Parties | 21 UCC Rep.Serv.2d 855 Joan G. McRAE and C. Michael Stilson, as trustee, intervenor, v. SECURITY PACIFIC HOUSING SERVICES, INC. Virginia W. JOHNSON and C. Michael Stilson, as trustee, intervenor, v. SECURITY PACIFIC HOUSING SERVICES, INC. Charlie DEGRAFFENRIED and C. Michael Stilson, as trustee, intervenor, v. SECURITY PACIFIC HOUSING SERVICES, INC. 1921108. |
Court | Alabama Supreme Court |
Jesse P. Evans III and Marvin E. Franklin of Najjar Denaburg, P.C., Birmingham, for C. Michael Stilson as trustee, intervenor.
Richard C. Duell III, Paul J. Spina III, and Edith Jane Schauble of Duell & Spina, P.C., Birmingham, for appellee.
Robert E. Sasser and Dorothy W. Littleton of Sasser & Littleon, P.C., Montgomery, for amicus curiae The Alabama Manufactured Housing Institute.
The United States Bankruptcy Court for the Northern District of Alabama, Western Division, certified the following question of law to us:
"Does the last sentence of Ala.Code § 7-9-403(6) mean that a financing statement perfecting a security interest in a pre-1990 mobile home lapses after 5 years under Ala.Code § 7-9-403(2) where the financing statement does not state specifically that it will remain effective until a termination statement is filed or, contain other indicia of the maturity date of obligation beyond the 5-year period?"
The question of law presented is deemed determinative of three consolidated actions before the United States bankruptcy court for which there is no clear controlling precedent in the decisions of this Court. All three cases are adversary proceedings within the three debtor's reorganization cases under Chapter 13. Security Pacific Housing Services, Inc., is the creditor in all three cases. The Alabama Manufactured Housing Institute has filed a brief in support of the creditor.
The following pertinent facts were also provided by the bankruptcy court for our consideration.
Section 7-9-403(2) reads as follows:
(Emphasis added.)
Section 7-9-403(6) reads as follows:
(Emphasis added.)
In resolving the question before the Court, we look to the historical perspective of § 7-9-403(6). The reason and necessity for a statute are relevant to its interpretation. Ex parte Birmingham Board of Education, 601 So.2d 93 (Ala.1992). As originally enacted, § 7-9-403 (Ala.Acts 1965, Act No. 549) made no mention of...
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