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Key Bank v. Milham

141 F.3d 420 (1998)

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Key Bank v. Milham

United States Court of Appeals for the Second Circuit
141 F.3d 420 (1998)

  • Written by Philip Glass, JD

Facts

On April 24, 1996, Ronald and Benedetta Milham (the Milhams) (debtors) filed for Chapter 13 bankruptcy. The Milhams’ debt with Key Bank (creditor) was secured by an automobile worth more than the debt. Against Key Bank’s objection, the Milhams selected the cramdown option for determining interest, entailing the court computing an interest rate designed to restore the collateral’s original value by using as its basis the principal amount owed at the plan confirmation date, calculated in light of the installment-payment schedule. Key Bank possessed a lien on the automobile, and the Milhams would have to pay Key Bank after plan confirmation. Key Bank insisted that its oversecured-creditor status entitled it to the contract interest rate of 9.5 percent on both the principal and the interest rather than the court-determined 8.5 percent rate, a proposal that would result in compound interest. The bankruptcy court imposed the 8.5 percent rate. Key Bank appealed to an appellate panel, which affirmed the court’s decision. Key Bank again appealed.

Rule of Law

Issue

Holding and Reasoning (Per Curiam)

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Bankruptcy

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