In Re Butz

OPINION

WILLIAM A. KING, Jr., Bankruptcy Judge.

Claimant, Dale Bonsall, has brought this action seeking a determination that he is a “secured creditor” under Section 1 of the Bankruptcy Act, 11 U.S.C. § 1. On or about March 10, 1976, Bonsall entered into a loan agreement with the bankrupt, Edgar 0. Butz, which provided for the sum of $3,000.00 to be lent to Butz at 9% interest, payable within one year. As collateral, Butz offered his home which he asserted was worth approximately $48,000.00. The written agreement, signed only by the bankrupt, Butz, further stated that the loan was obtained in…