MLQ Investors L.P. v. Pacific Quadracasting, Inc.

Wallace A. Heusser is an owner and guarantor of several corporations that defaulted on loans from MLQ Investors’ (“MLQ”) predecessor in interest. In a receivership action commenced by MLQ, a court-appointed receiver sold all the assets of the corporations’ radio stations. Heusser appeals the district court’s orders directing the receiver to distribute to MLQ all the proceeds from the sale, including proceeds from the sale of the radio stations’ Federal Communications Commission (“FCC”) broadcast licenses.

Because we find that a lender may perfect a security interest in the proceeds from a radio station’s broadcasting license and that MLQ perfected its security interest in the debtor’s intangible property prior to the filing of tax liens by the Internal Revenue Service (“IRS”), we affirm the district court’s judgment.

I.

FACTUAL AND PROCEDURAL BACKGROUND

In late 1988, the corporate owners of several radio stations entered into a loan agreement with MLQ’s predecessor in interest. The loan documents purported to create a security interest in the station owners’ intangible personal property, including all FCC broadcast licenses, to the extent permitted by law. In the event of…