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In re Schwalb
United States Bankruptcy Court for the District of Nevada
347 B.R. 726, 60 UCC2d 755 (2006)
Michelle Schwalb (plaintiff) received a $4,000 loan from Pioneer Loan and Jewelry (Pioneer), secured by Schwalb’s Infiniti vehicle as collateral. Upon collecting the loan proceeds, Schwalb signed a pawn ticket that included a description of the collateral and the terms of the loan. The ticket provided that if Schwalb failed to repay the loan, plus interest, within 120 days, title to the vehicle would be forfeited to Pioneer. Additionally, before describing the vehicle, the pawn ticket stated, “You are giving a security interest in the following property.” Pioneer did not keep possession of the vehicle, which Schwalb continued to drive. Schwalb eventually defaulted on the loan. Pioneer filed suit against Schwalb, seeking recovery of the vehicle. Schwalb then filed for bankruptcy. When Pioneer attempted to claim ownership of the vehicle, Schwalb argued that the pawn ticket did not constitute a valid security agreement.
Rule of Law
Holding and Reasoning (Markell, J.)
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