Legal Opinion

In Re Watson

United States Bankruptcy Court, D. New Jersey

Decided October 30, 2002No. 19-11952PublishedCited by 2 opinions

1Opinion of the Court

OPINION

JUDITH H. WIZMUR, Bankruptcy Judge.

In this Chapter 7 case, we must determine the validity of cross-collateralization provisions by which the South Jersey Federal Credit Union (“Credit Union”) seeks to collateralize unsecured advances to the debtor with collateral given by the debtor in connection with a secured loan.

FACTS

The debtor, a member of the Credit Union since 1985, was accustomed to borrowing money from the Credit Union on an intermittent basis. The loans were secured only by the debtor’s shares and/or deposits in her credit union accounts. In 2000, the debtor borrowed money…

2Cases cited15 opinions

Dewsnup v. TimmSupreme Court of the United States · 1992
Spring Motors Distributors, Inc. v. Ford Motor Co.Supreme Court of New Jersey · 1985
Martindale v. Sandvik, Inc.Supreme Court of New Jersey · 2002
Rudbart v. North Jersey District Water Supply CommissionSupreme Court of New Jersey · 1992
Young v. Prudential Insurance Co. of America, Inc.New Jersey Superior Court Appellate Division · 1997

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3Cited by2 opinions

Frank D. FormicaUnited States Bankruptcy Court, D. New Jersey · 2021
In Re BranchUnited States Bankruptcy Court, D. Colorado · 2006