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Secured Transactions Keyed to Lopucki
In re Lockovich
Citation:124 B.R. 660 (W.D. Pa. 1991)
On August 20, 1986, John J. Lockovich and Clara Lockovich, his wife (debtors), purchased a 22-foot 1986 Chapparel Villain III boat from the Greene County Yacht Club for $32,500. Debtors paid $6,000 to Greene County Yacht Club and executed a security agreement. Debtors granted a security interest in the boat to the holder of the contract. Gallatin National Bank paid to the Yacht Club the sum of $26,757.14 on debtor’s behalf and the contract was assigned to Gallatin. The debtors filed for relief under Chapter 11.
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