In Re Jennings

MEMORANDUM OPINION

ARTHUR B. FEDERMAN, Bankruptcy Judge.

LaGene and Kitty Jennings object to the alleged secured claim of Mary Lou Kennedy. This is a core proceeding under 28 U.S.C. § 157(b)(2)(B) and (K) over which the Court has jurisdiction pursuant to 28 U.S.C. §§ 1334(b), 157(a), and 157(b)(1). For the reasons set forth below, I find that Ms. Kennedy’s claim is a secured claim, which is property of her own bankruptcy estate.

FACTUAL BACKGROUND

Mr. Jennings borrowed $30,000 from Ms. Kennedy, and both parties signed a “Promissory Note” (the “Note”) to that effect on May 4, 1994. At the same…