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Orix Credit Alliance, Inc. v. Delta Resources, Inc. (In re Delta Resources, Inc.)
United States Court of Appeals for the Eleventh Circuit
54 F.3d 722 (1995)
Facts
Orix Credit Alliance, Inc. (Orix) (plaintiff) had a perfected security interest in 13 pieces of equipment owned by Delta Resources, Inc. (Delta) (defendant), a debtor under Chapter 11 of the United States Bankruptcy Code. Orix asserted that it was an oversecured creditor—i.e., a creditor whose claim was secured by property worth more than the claim—and sought adequate protection against the equipment’s depreciating value. Orix also sought payment of accruing postpetition interest. The bankruptcy court granted adequate protection in the form of a $9,972 monthly payment but rejected Orix’s request for postpetition interest. Orix appealed to federal district court, which determined that Orix was an oversecured creditor entitled to periodic payments of postpetition interest along with the $9,972 adequate-protection payments. Delta appealed. The United States Court of Appeals for the Eleventh Circuit granted certiorari.
Rule of Law
Issue
Holding and Reasoning (Per curiam)
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