The allegedly competing security interests arose in proceeds from the sale of oil that the debtor, First River Energy, LLC purchased from Appellants before declaring bankruptcy. 19-50646 Appellants, comprising a number of Texas and Oklahoma oil and gas producers, challenge the bankruptcy court’s grant, in part, and denial, in part, of Deutsche Bank’s motion for partial summary judgment in this lien priority dispute. 5:19-CV-301 Before JOLLY, JONES, and ENGELHARDT, Circuit Judges.

ROCK RESOURCES INCORPORATED KILLAM OIL COMPANY, LIMITED ENERGY RESERVES GROUP, L.L.C., Appellants Cross-Appellees Appeal from the United States Bankruptcy Court for the Western District of Texas USDC No. MAGNUM ENGINEERING COMPANY MAGNUM OPERATING, L.L.C. DEWBRE AMERICAN SHORELINE, INCORPORATED TEXPATA PIPELINE COMPANY AURORA RESOURCES CORPORATION AWP OPERATING COMPANY TEXRON OPERATING L.L.C. ENERGY DEVELOPMENT CORPORATION AGERON ENERGY, L.L.C. Cayce Clerk Debtor DEUTSCHE BANK TRUST COMPANY AMERICAS, Agent FIRST RIVER ENERGY, L.L.C., Appellees - Cross-Appellants v. 19-50646 In the Matter of: FIRST RIVER ENERGY, L.L.C. Furthermore, the bankruptcy court correctly dismissed the Producers' affirmative defenses of estoppel, unclean hands, and waiver.Ĭase: 19-50646 Document: 00515730781 Page: 1 Date Filed: IN THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT United States Court of Appeals Fifth Circuit No. The court affirmed the bankruptcy court's conclusion that the Bank's interests in the disputed collateral prime any interests held by the Texas Producers. 2019), Delaware law governs the competing priorities under either Texas choice of law or the federal independent judgment test. The Fifth Circuit affirmed the bankruptcy court's order, holding that the bankruptcy court did not err in holding that the warranty of title did not waive the Producers' rights to assert a lien under either Texas UCC 9.343 or the Oklahoma Lien Act because the warranties did not waive Producers' claims to proceeds in the hands of debtor, the Bank's reliance is misplaced on cases where producers attempted to collect from purchasers downstream of the first purchasers and following Fishback Nursery, Inc. The competing security interests arose out of proceeds from the sale of oil that debtor purchased from appellants before declaring bankruptcy. Texas and Oklahoma oil and gas producers challenge the bankruptcy court's grant in part and denial in part of Deutsche Bank's motion for partial summary judgment in a lien priority dispute.

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