In Re Kalian
United States Bankruptcy Court, D. Rhode Island
1Opinion of the Court
DECISION AND ORDER
ARTHUR N. VOTOLATO, Bankruptcy Judge.
Heard on January 20, 1994, on Northeast Savings Bank’s motion for relief from the automatic stay. At the end of the hearing the Court denied Northeast’s request for leave to foreclose, without prejudice, and requested memoranda on the ancillary issue of whether the Debtor’s postpetition payments on the Northeast promissory note should be credited to principal or interest. Because Northeast is an undersecured creditor, and for the other reasons stated below, we conclude that said payments should be applied to principal.
FACTS
On December…
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