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Bankruptcy Keyed to Levitan, 3rd Ed.
Associates Commercial Corporation v. Rash
Citation:
520 U.S. 953 (1997)Facts
In 1989, Elray Rash purchased a Kenworth tractor truck for $73,700 for his freight-hauling business, making a down payment and agreeing to pay the remainder in monthly installments with the truck as collateral. The seller assigned the loan and lien to Associates Commercial Corporation (ACC). In March 1992, Elray and Jean Rash filed for Chapter 13 bankruptcy, at which time they still owed $41,171 on the truck. Their Chapter 13 plan proposed to retain the truck for continued use in their business while paying ACC only $28,500 (later determined to be $31,875) over 58 months, representing what they claimed was the truck’s foreclosure value. ACC objected to the plan, arguing that the truck should be valued at its replacement value of approximately $41,000, and sought to repossess the truck. The dispute centered on the proper method for valuing the collateral under § 506(a) when a debtor exercises the “cram down” option under § 1325(a)(5)(B).
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