In re Short
United States Bankruptcy Court for the Southern District of Illinois
170 B.R. 128, 24 U.C.C. Rep. Serv. 2d 1020 (1994)
- Written by DeAnna Swearingen, LLM
Facts
Robert and Dawn Short (plaintiffs) bought furniture from Anderson Warehouse Furniture (Anderson) on credit, and the Shorts gave Anderson a security interest. Anderson assigned its interest to American General Finance, Inc. (American). The Shorts failed to make payments. Later, the Shorts consolidated the $2,880 owed with another loan and executed a new note. The disclosure statement indicated that American held a “continued purchase money interest” in the furniture. The Shorts made payments totaling $394.38 before seeking Chapter 7 bankruptcy. The Shorts sought to avoid American’s lien and exempt the furniture from the bankruptcy estate.
Rule of Law
Issue
Holding and Reasoning (Meyers, J.)
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