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IN RE UNITED AIR LINES, INC.

No. 05-1752, 05-1814.

438 F.3d 720 (2006)

In re UNITED AIR LINES, INC., Debtor. U.S. Bank National Association, Appellant, Cross-Appellee, v. United Air Lines, Inc., Debtor-Appellee, Cross-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided February 13, 2006.

Attorney(s) appearing for the Case

Mark Leipold, Gould & Ratner, Chicago, IL, Katherine A. Constantine, Patrick McLaughlin (argued), Dorsey & Whitney, Minneapolis, MN, for Trustee-Appellee.

James H.M. Sprayregen, Todd A. Gale (argued), Kirkland & Ellis, Chicago, IL, for Debtor-Appellee.

Harold L. Kaplan, Gary W. Garner (argued), Gardner Carton & Douglas LLP, Chicago, IL, for Appellee.

Before CUDAHY, MANION, and SYKES, Circuit Judges.

CUDAHY, Circuit Judge.

The fundamental question in this consolidated appeal is when title to funds held in trust passes to a beneficiary. That question is broad, and an imprecise resolution might have far-reaching implications for, among other things, the law of secured transactions. The facts of this appeal, however, limit its scope. While this appeal involves a basic question about secured-lending relationships, it more importantly involves a beneficiary on the...

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