Anderson v. Montgomery Ward & Co. (In Re Anderson)

MEMORANDUM

DAVID L. CRAWFORD, Bankruptcy Judge.

This case presents the issue of whether the revolving charge agreement utilized by Montgomery Wards & Co., Inc. (“Wards”) retains its character as a “purchase money security interest” as to all items purchased thereunder.

The facts are undisputed and appear from the order on pretrial conference as follows:

“1. The Court has jurisdiction of the subject matter of this action and of the parties.

“2. Montgomery Ward & Co., Inc., is a corporation organized and existing under the laws of the State of Illinois, and at all times herein material is duly…