Co-Op Credit Union v. Geremia (In re Spaziano)

ARTHUR N. VOTOLATO, Jr., Bankruptcy Judge.

Heard on Plaintiff, Co-Op Credit Union’s complaint for relief from the automatic stay, 11 U.S.C. § 362.

In 1977, the Debtor executed a promissory note to Co-Op, granting it a security interest in his 1976 Ford Granada automobile. This security interest was perfected pursuant to R.I.Gen.Laws § 31-3.1-19, and accordingly the Department of Motor Vehicles issued and delivered to Co-Op a title certificate listing Co-Op as first lienholder as of October 27, 1977.

On June 10, 1980, the Debtor obtained another loan and the parties executed a new promissory note…