OPINION THOMAS L. PERKINS, Chief Judge. This adversary proceeding involves a priority dispute between two mortgagees and the IRS. The first to record was Bank of Illinois, n/k/a Heartland Bank and Trust Co. ("BOI"). The IRS recorded second. Third to record was Eastern Tazewell Development Co. ("ETDC"). The mortgages of both BOI and ETDC are challenged, each by the other. FACTUAL AND PROCEDURAL BACKGROUND The Debtor, Shara Manning Properties, Inc. ("SMPI"), owned and operated by Shara...
OPINION THOMAS L. PERKINS, Chief Judge. This matter is before the Court after trial on the complaint filed by Associated Bank, N.A. (ASSOCIATED), against Raymond J. Sever, the Debtor ("Sever" or the "DEBTOR"), objecting to both the dischargeability of its debt and the DEBTOR'S discharge. 1 The claim in Count I of the complaint seeks a determination that the debt to ASSOCIATED is nondischargeable under section 523(a)(4) of the Bankruptcy Code, alleging that the DEBTOR engaged in fraud or...
OPINION THOMAS L. PERKINS, Chief Judge. This adversary proceeding requires the Court to determine whether the equitable doctrine of marshaling should be applied for the benefit of Tri Ag, Inc. (TRI AG), the holder of a junior lien against certain crop proceeds held by the Chapter 12 Trustee, Michael D. Clark (TRUSTEE). Illini Bank (ILLINI), as the assignee of the senior lienholder, wants the funds for itself and opposes marshaling. TRI AG and ILLINI have filed cross motions for summary...
OPINION THOMAS L. PERKINS, Chief Judge. The matter before the Court is the confirmation of the Chapter 13 plan filed by the Debtor, Lori D. Stenstrom (DEBTOR), and the objection by Michael D. Clark, Chapter 13 Trustee (TRUSTEE). Confirmation will be denied. The facts are not in dispute. 1 The DEBTOR, who is single with no dependents, filed a Chapter 13 petition on October 5, 2009. On Schedule B, she listed her ownership interest in three vehicles, a fully encumbered 2008 Ford Edge valued...
