Saturday, December 3, 2011

of interst

First United Security Bank v Garner (11th Circuit 2011)

The Eleventh Circuit Court of Appeals affirmed the District Court and Bankruptcy Court's holding that "an over secured creditor is only entitled to the contract rate of interest [on its allowed secured claim], pursuant to 11 U.S.C. §506(b), from the date of the filing until confirmation of the bankruptcy plan" in a chapter 13 case, where the debtor invokes the cram down provision of 11 U.S.C. §1325(a)(5)(B).