United States v. Postal Finance Co. of California (In Re DeBose)

OPINION

Before GEORGE, ELLIOTT and VOL-INN, Bankruptcy Judges. GEORGE, Bankruptcy Judge:

The appellant/intervenor appeals the March 19, 1981 memorandum decision of the trial court, which declared unconstitutional the retroactive application of 11 U.S.C. § 522(f). 1

I. BACKGROUND

On October 26,1978, the debtors executed and delivered to the appellee, Postal Finance Company of California [“Postal Finance”], a promissory note for $6,960.00 payable in monthly installments. To secure payment on the note, Postal Finance perfected a security interest in the debtors’ household goods, appliances, consumer…