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It is standard operating procedure in the equipment leasing industry for lessors and similarly situated creditors to take all steps necessary and appropriate to perfect their security interests in the assets so leased or financed. This is a common-sense approach, whereby lessors and creditors avail themselves of all possible avenues to protect their collateral. The lessor reaps the benefit of the direct action that it takes in its own best interest.
Normally, when a lessor fails to take such steps, it must suffer the consequences of its own inattention. This might include, among other things, falling to a secondary position behind subsequent secured parties or losing priority status altogether and being reduced to the humble status of a general unsecured creditor. Loss of such status normally means loss of a first and irrefutable claim to seize the equipment. Fittingly, the lessor pays the price for its own missteps.
But does the duty the lessor owes itself in any way translate into an obligation to the lessee/debtor? If the lessor does not perfect, does that give rise to a claim by the lessee for any subsequent harm it, the lessee, sustains? Does the lessor now have to worry about not only how it harmed itself, but also how it harmed the lessee?
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