In Re Baxley

MEMORANDUM AND ORDER

J. BRATTON DAVIS, Bankruptcy Judge.

Before the court is the objection of James Randy Baxley (debtor) to Farmers Home Administration’s (FmHA) election, pursuant to 11 U.S.C. § 1111(b)(2) 1 , to have a secured claim to the extent it is allowed. Debtor contends that, because FmHA’s interest is “of inconsequential value”, FmHA is expressly precluded, by § llll(b)(l)(B)(i), from electing to have its claim be a secured claim to the extent allowed. FmHA argues that its interest is not “of inconsequential value”, therefore, § llll(b)(l)(b)(i) is inap-posite.

FACTS

The values of the…