First Federal Bank v. Weinstein (In re Weinstein)
United States Bankruptcy Appellate Panel of the Ninth Circuit
227 B.R. 284 (1998)
First Federal Bank of California (the bank) (plaintiff) made a loan to Norton and Joyce Weinstein (defendants) of approximately $1 million with 10 percent annual interest. The loan was secured by a deed of trust on the Weinsteins’ residence. The Weinsteins later filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. The bank sought adequate protection against the depreciation of the residence, which was valued at $850,000 at the time of the Weinsteins’ filing. The court ordered the Weinsteins to make monthly adequate-protection payments of $7,000. The Weinsteins paid a total of $98,000 in this manner. When the reorganization plan was confirmed, the property’s value was unchanged. The court credited the $98,000 against the $850,000 secured by the Weinsteins’ residence, reducing the bank’s secured claim to $752,000. The bank appealed, contending that the $98,000 should have been credited against the unsecured portion of its claim. The United States Bankruptcy Court Appellate Panel of the Ninth Circuit granted certiorari.
Rule of Law
Holding and Reasoning (Russell, J.)
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