Matter of Hitts

OPINION RE: SECURITY AGREEMENT NONPOSSESSORY, NONPUR-CHASE-MONEY SECURITY INTEREST

LAURENCE E. HOWARD, Bankruptcy Judge.

In this adversary proceedings, Jack L. Hitts, Sr. and Yvonne C. Hitts, Debtor-Plaintiffs, seek to set aside a nonpossessory, nonpurchase-money security interest pursuant to 11 U.S.C. Section 522(f). 1 The Hitts entered into a series of lending transactions with defendant, General Finance Corporation of Michigan, beginning in 1972 through November 1979. The issue presented is whether the security agreement is a 1972 agreement or a 1979 agreement. If the agreement is in 1979,…