Boyd v. NBD Bank (In Re Thomas)

OPINION REGARDING TRUSTEE’S ACTION UNDER 11 U.S.C. § 5U(a)

JAMES D. GREGG, Chief Judge.

I. INTRODUCTION

This adversary proceeding arises out of a motor vehicle lease-purchase transaction in which the original lessor agreed to finance the lessees’ subsequent purchase of the leased vehicle. The matter was tried to the court, without a jury, on stipulated facts. See Stipulated Facts. Robert C. and Angel K. Thomas (“Debtors”) granted a security interest, ultimately assigned to NBD Bank (“NBD”), to secure the loan that NBD made to enable them to purchase the 1996 Dodge Ram Truck (“vehicle”)…