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IN RE ORE CARGO, INC.

No. 41, Docket 76-5012.

544 F.2d 80 (1976)

In re ORE CARGO, INC., Bankrupt. ISRAEL DISCOUNT BANK LIMITED, Plaintiff-Appellant, v. Jacob GOTTESMAN, Trustee in Bankruptcy of Ore Cargo, Inc., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided from Bench October 8, 1976.

Decided October 14, 1976.

Attorney(s) appearing for the Case

J. Lester Parsons, III, New York City (Stephen P. Kyne, Burke & Parsons, New York City, on the brief), for appellant.

Michael Wexelbaum, New York City (Sherman & Citron, New York City, on the brief), for appellee.

Before KAUFMAN, Chief Judge, and MANSFIELD and MESKILL, Circuit Judges.

IRVING R. KAUFMAN, Chief Judge:

The distinctive principles governing commercial transactions are not always reliable guides to the applicable standards for less orthodox credit agreements. Mindful of this distinction, we decline to extend the precepts of Article 9 of the Uniform Commercial Code to control the creation of security interests in tort claims. Specifically, we hold that a standard commercial security agreement, drafted with reference to the Code and accepted...

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