E53 Federal Credit Union v. Perez (In re Perez)

440 B.R. 634 (2010)

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E53 Federal Credit Union v. Perez (In re Perez)

United States Bankruptcy Court for the District of New Jersey
440 B.R. 634 (2010)

Facts

In 2002, the predecessor-in-interest to E53 Federal Credit Union (E53) (plaintiff) loaned money to Suzanne Perez (defendant). Perez’s credit-union certificate of deposit (CD) served as collateral for the loan. The CD carried a standard notation that the CD was nonnegotiable and nontransferable. In 2009, Perez filed for bankruptcy in the federal bankruptcy court for New Jersey. The bankruptcy trustee assumed that E53 had a perfected security interest in the CD and agreed to a settlement that allowed E53 to apply the CD to the balance of Perez’s loan. After having second thoughts about his earlier assumption, the bankruptcy trustee moved for reconsideration of the bankruptcy court’s approval of the settlement agreement.

Rule of Law

Issue

Holding and Reasoning (Kaplan, J.)

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