In re Lewis
United States Bankruptcy Court for the District of South Carolina
363 B.R. 477 (2007)
- Written by Douglas Halasz, JD
Facts
On or about October 4, 2006, Randolph Lewis, Jr., agreed to purchase a vehicle from Lexington Automotive & Truck Outlet, Inc. (Lexington). The next day, Lewis executed a promissory note to obtain a loan from Regional’s (creditor) subsidiary, Sun Financial, and gave Sun Financial a security interest in the vehicle. Sun Financial assigned the note and security interest to Regional. On November 7, 2006, Lewis and his wife (debtors) filed for bankruptcy under chapter 13 of the United States Bankruptcy Code (Bankruptcy Code). Lewis and his wife filed a chapter 13 plan that treated Regional as a secured creditor. Although all the requisite motor-vehicle documentation to obtain the vehicle’s certificate of title was dated October 4, 2006, Lexington did not deliver the documentation to the South Carolina Department of Motor Vehicles (DMV) until November 15, 2006. A few days later, the DMV issued the certificate of title, which listed Sun Financial’s lien with a date of October 4, 2006. During bankruptcy proceedings, the bankruptcy trustee objected to the treatment of Regional’s claim as a secured claim.
Rule of Law
Issue
Holding and Reasoning (Duncan, J.)
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