First Bank & Trust Co. of Ithaca, New York v. Hart (In Re Hart)

OPINION AND ORDER

MacMAHON, District Judge. *

Plaintiff First Bank & Trust Co. of Ithaca, New York, a creditor of defendant debt- or Joan B. Hart, appeals from an order of Bankruptcy Judge Justin J. Mahoney that, pursuant to Section 722 of the Bankruptcy Reform Act of 1978 (the “Act”), 11 U.S.C. § 722, defendant be allowed to redeem her automobile from plaintiff by installment payments. Plaintiff contends that Section 722 permits redemption only by lump-sum payment of the full value of the collateral. For reasons given below, we hold for plaintiff and reverse Judge Mahoney’s order.

On November…