Legal Opinion
Gayhart v. Beneficial Finance Co. of Illinois (In Re Gayhart)
United States Bankruptcy Court, N.D. Illinois
Decided October 7, 1983No. 19-04565PublishedCited by 8 opinions
1Opinion of the Court
MEMORANDUM OPINION
RICHARD N. DeGUNTHER, Bankruptcy Judge.
This case comes before the Court on the Complaint to Avoid a Lien filed by the Debtors, Steven and Nancy Gayhart. The question here is whether entering into a refinancing agreement will cause security to lose its purchase-money character for purposes of lien avoidance under 11 U.S.C. Section 522(f)(2). Although this question has previously been addressed by numerous courts, disagreement still exists as to the appropriate resolution.
In short, the refinancing of an existing debt may be viewed as merely a renewal of the original obligation…
2Cases cited7 opinions
- Lowry National Bank v. FickettSupreme Court of Georgia · 1905
- Slay v. Pioneer Credit Co. (In Re Slay)United States Bankruptcy Court, E.D. Tennessee · 1980
- Russell v. Associates Financial Services Co. (In Re Russell)United States Bankruptcy Court, W.D. Oklahoma · 1983
- Citizens & Southern National Bank v. ScheiderCourt of Appeals of Georgia · 1976
- First National Bank & Trust Company v. Joseph Robert DanielCourt of Appeals for the First Circuit · 1983
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Johnson v. Richardson (In Re Richardson)United States Bankruptcy Court, W.D. Wisconsin · 1985
- Matter of WeinbrennerUnited States Bankruptcy Court, W.D. Wisconsin · 1985
- In Re HatfieldUnited States Bankruptcy Court, C.D. Illinois · 1990
- In Re JanzUnited States Bankruptcy Court, D. North Dakota · 1986
- Billings v. Avco Colorado Industrial Bank (In Re Billings)District Court, D. Colorado · 1986
3 more not listed; retrieve them via the Exa API.