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Bankruptcy Keyed to Bussel, 12th 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 serving as collateral. The loan and lien were assigned to Associates Commercial Corporation (ACC). In March 1992, Elray and Jean Rash filed a Chapter 13 bankruptcy petition when the balance owed to ACC was $41,171. Their plan proposed to retain the truck for continued use in their business while paying ACC only $28,500 over 58 months, which they claimed was the truck’s value. ACC objected and sought to repossess the truck, claiming its secured claim was $41,171. At the valuation hearing, ACC’s expert testified the replacement value was $41,000, while the Rashes’ expert estimated the foreclosure value at $31,875. The dispute centered on which valuation method was proper under the Bankruptcy Code.
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