Bankr. No.:
91-30076
Adv. No.:
92-3002
Chapter:
7
Date of Decision:
November 3, 1992
Issue:
Whether creditor bank sold Debtor's secured property in compliance with the U.C.C.?
Ruling:
Creditor bank did not sale Debtor's secured property in a commercially reasonable manner and did not give Debtor proper notice of the private sale. Significant factors included: the bank did not have the secured property inventoried or appraised and the bank made little effort to locate potential buyers. Bank was not entitled to claim a deficiency against Debtor or seek recovery from the remaining secured property owned by Debtor's ex-wife.
Full Bankruptcy Court Decision:
