Rovell v. American National Bank (In Re Rovell)

MEMORANDUM AND ORDER

MORAN, Senior District Judge.

Michael Rovell (Rovell), the Debtor, initiated a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in October of 1995. American National Bank and Trust Company of Chicago (Bank) filed a Proof of Claim (claim) for $50,081.25, the amount Rovell admittedly owed on his secured line of credit. Rovell, however, filed an Objection (objection) seeking to reduce ANB’s claim by an amount equal to the losses he incurred when the bank paid a check over a stop-payment order. After hearing testimony on March 17, 1997, United…