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Sunday, August 14, 2016

JOHN GIOVANNI GRANATA VS. EDWARD F. BRODERICK, JR., ESQ., ET AL. A-2928-14T2/

JOHN GIOVANNI GRANATA VS. EDWARD F. BRODERICK, JR., 
ESQ., ET AL. 
A-2928-14T2/A-3036-14T2(CONSOLIDATED) 

In a case of first impression, we hold that an attorney's pledge of anticipated counsel fees can be considered a receivable under UCC Article 9 and a creditor may perfect a security interest in those fees that were pledged as collateral for a loan made to the attorney. Because the creditor filed a UCC-1 financing statement and fully complied with Article 9, it had a perfected security interest which attached, even though the counsel fees had not been awarded, and enjoyed priority over subsequent lien creditors claiming against the same collateral.