In re Roberts
United States Bankruptcy Court for the District of New Mexico
620 B.R. 336 (2020)
- Written by Darius Dehghan, JD
Facts
Jackie and Vickie Roberts (debtors) orally agreed to lease farm equipment from Sid Strebeck for five years. The Robertses made no down payment and did not post a security deposit. Further, although the Robertses agreed to pay $35,000 each year, they had the option to terminate the lease at any time and return the equipment to Strebeck. After the Robertses filed for bankruptcy, they stopped making payments on the equipment. Subsequently, Strebeck filed claims in the bankruptcy proceeding to take back the equipment from the Robertses. Both Strebeck and the Robertses estimated the value of the equipment at $100,000. The bankruptcy court took the matter under advisement.
Rule of Law
Issue
Holding and Reasoning (Thuma, J.)
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