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In re Frazier

93 B.R. 366 (1988)

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In re Frazier

United States Bankruptcy Court for the Middle District of Tennessee
93 B.R. 366 (1988)

SH

Facts

Frank and Jamie Frazier entered into a secured loan agreement with First Tennessee Bank (bank) to finance the purchase of an aircraft in the amount of $850,000. The bank secured its interest in the aircraft as collateral for the loan, and James and Linda Chavers guaranteed the loan. The Fraziers later defaulted on the loan and filed a petition for relief under Chapter 7 of the United States Bankruptcy Code. Through separate settlement negotiations in connection with the guarantee, the bank assigned all right, title, and interest in and to the loan agreement to the Chavers. The Chavers took possession of the aircraft pursuant to its rights under the loan agreement. The Chavers then sold the aircraft, as required in its settlement agreement with the bank, at a public sale for $415,000. The Chavers sued, making a claim for the balance due on the loan following an alleged deficient sale of the aircraft.

Rule of Law

Issue

Holding and Reasoning (Paine, C.J.)

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