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S.E.C. v. CREDIT BANCORP, LTD.

Docket Nos. 03-6208(L), 03-6222(XAP).

386 F.3d 438 (2004)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. CREDIT BANCORP, LTD., Credit Bancorp, Inc., Richard Jonathan Blech, Thomas Michael Rittweger, Douglas C. Brandon, Defendants. Deutsche Bank Securities, Inc., Intervenor-Appellant-Cross-Appellee, Credit Bancorp, Ltd., Credit Bancorp, Inc. and Carl H. Loewenson, Jr., Court-Appointed Receiver for Credit Bancorp Ltd., Credit Bancorp, Inc., Defendants in Intervention-Appellees. Stephenson Equity Company, Intervenor-Plaintiff-Appellee-Cross-Appellant.

United States Court of Appeals, Second Circuit.

Decided: October 18, 2004.

Attorney(s) appearing for the Case

James H.R. Windels, Davis Polk & Wardwell, New York, N.Y. (David B. Toscano, on the brief), for Intervenor-Appellant-Cross-Appellee.

David J. Eiseman, Golenbock, Eiseman, Assor, Bell & Peskoe LLP, New York, N.Y. (Adam C. Silverstein, on the brief), for Defendant in Intervention-Appellee Carl H. Loewenson, Jr.

T. Lane Wilson, Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C., Tulsa, OK, for Intervenor-Plaintiff-Appellee-Cross-Appellant.

Before: VAN GRAAFEILAND, KEARSE, and WESLEY, Circuit Judges.

WESLEY, Circuit Judge.

A lender holding securities as collateral for a loan is protected from adverse claims to those securities if the lender "gives value, does not have notice of the adverse claim, and obtains control." U.C.C. § 8-510(a). In this appeal, we confront two significant issues involving the extent to which a secured lender is protected from adverse claims to its security. First, we must consider whether the district court properly determined that...

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