First Bank v. Unique Marble and Granite Corporation

(New opinion; 7/27/10 opinion withdrawn.) Plaintiff bank moved to collect on judgment against Defendant corporation and its corporate officer. An individual intervened, seeking fees and expenses for his duties as assignee for benefit of corporate Defendant's creditors. Court improperly granted Bank's motion for summary judgment against intervenor on basis that Bank was a perfected secured creditor under UCC with priority over assignee. Assignment for benefit of creditors is a common-law vehicle used to liquidate a company's assets. The UCC does not foreclose assignee's common-law right to the payment of reasonable compensation for the services as assignee. An assignee cannot be required to forgo the payment of reasonable fees and costs of administering the assignment until perfected security interests have been fully satisfied. (McLAREN and HUTCHINSON, concurring.)