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In re: Peaslee, No. 07-3962

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By FindLaw Staff on October 12, 2009 1:16 PM

In a debtor's appeal from a district court's order reversing the bankruptcy court's confirmation of the debtor's Chapter 13 plan, the district court's order is affirmed where the New York Court of Appeals held, in response to a certified question from the court of appeals, that negative equity on a trade-in vehicle is included in the purchase money security interest accompanying a new car's purchase and is therefore protected from cramdown by the Hanging Paragraph of Section 1325 of the Bankruptcy Code.

Read In re: Peaslee, No. 07-3962

Appellate Information

Argued: September 25, 2008

Decided: October 9, 2009

Judges

Per Curiam

Counsel

For Appellant:

George M. Reiber, Rochester, NY, pro se

For Appellees:

Barkley Clark and Katherine M. Sutcliffe Becker, Stinson Morrison Hecker, LLP, Washington, DC

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