AVCO Financial Services of Ohio, Inc. v. Hurst (In Re Hurst)

ORDER

WILLIAM T. BODOH, Bankruptcy Judge.

On or about July 30, 1986, the Debtors jointly entered into a loan agreement with AVCO FINANCIAL SERVICES OF OHIO, INC. (“AVCO”). As security for the note they signed in conjunction with the loan, the Debtors agreed to pledge certain items of personal property as collateral, including, among other things, a crossbow and a shotgun. It is admitted that the crossbow and the shotgun do not have a value in excess of Two Hundred Fifty & 00/100 Dollars ($250.00).

Sometime around January 1987, Mr. Hurst relinquished the crossbow and shotgun in lieu of payment…