Credithrift of America, Inc. v. Howard (In Re Howard)

FINDINGS OF FACT

GEORGE L. PROCTOR, Bankruptcy Judge.

The Court makes the following findings of fact:

1. On November 22, 1978, defendants executed a promissory note in favor of plaintiff in the principal amount of $3,893.71.

2. The proceeds of the loan were used to finance a previous loan and advance $752.06 to the defendants.

3. To secure repayment of the debt, defendants executed a security agreement pledging certain household goods and personal property.

4. The previous loan between the parties was not secured by the subject collateral.

5. The defendants were in possession of the collateral when…