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: How Appealing

Should the portion of an automobile retail instalment sale obligation attributable to a trade-in vehicle's 'negative equity' be considered part of the purchase-money security interest arising from the sale of a vehicle?

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"The underlying question in this case is whether the portion of an automobile retail instalment sale obligation attributable to a trade-in vehicle's 'negative equity' (i.e., debt owed above and beyond the current collateral value of the traded-in vehicle) should be considered part of the purchase-money security interest arising from the sale of a vehicle, and therefore protected from cramdown by the 'hanging paragraph' of Section 1325 of the Bankruptcy Code." In an opinion issued today, the U.S. Court of Appeals for the Second Circuit concludes that its resolution of that question depends on the answer to an unsettled issue of New York State law and therefore certifies that state law question for resolution by the Court of Appeals of New York.

Full post as published by How Appealing on October 20, 2008 (boomark / email).

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