LexisNexis ( July 6, 2017, 2:56 PM EDT) -- Perhaps the most famous Article 9 case in history is the case of the $1.5 billion erroneous termination statement arising out of the 2009 General Motors bankruptcy. For UCC/bankruptcy aficionados, it's the case that keeps on giving. The most recent issue, now playing out in the New York bankruptcy court, is whether the GM assets that were lost as collateral were "equipment" or "fixtures" under Article 9. If they qualify as "equipment," their value goes to the unsecured creditors because of the filing error; if they qualify as "fixtures," by contrast, local fixture filings and real estate recordings were probably sufficient to keep the bank security interests perfected. Let's review the case, including the equipment v. fixtures issue....