General Motors Acceptance Corp. v. Frank Meador Leasing, Inc. (In Re Frank Meador Leasing, Inc.)

MEMORANDUM OPINION AND ORDER

H. CLYDE PEARSON, Bankruptcy Judge.

STATEMENT OF CASE

The Defendants, Frank Meador Leasing, Inc. and Frank Meador Buick, Inc. are both before this Court in proceedings under Chapter 11 of the Bankruptcy Code. The Plaintiff, General Motors Acceptance Corporation, hereinafter referred to as “GMAC”, initially commenced an adversary proceeding by filing a complaint against Frank Meador Leasing, Inc., hereinafter referred to as “Leasing”, alleging a security interest in a certain 1980 Buick Eleetra Ltd. automobile seeking recovery of the automobile or payment in full for…