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COLT COLLATERAL

When it comes to asset based lending, the types of loan collateral, particularly the tangible assets that may become subject to a security interest, can be quite interesting.  For example, today's Louisville Courier-Journal has an article about a lien dispute between Fifth Third Bank and the owner of a Kentucky Derby contender.  Allegedly, several thoroughbred interests, including the race horse Great Hunter, were a part of the collateral for about $3 million in loans that went into default.  The case, which was pending in California, has settled.  One wonders what would have happened to Great Hunter had Fifth Third become the owner of the horse.  Depending upon the timing, it's certainly conceivable if not likely that the thoroughbred would have missed the May 5th race.

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