Filed: May 13, 2019
Latest Update: May 13, 2019
Summary: REASONS FOR DECISION ELIZABETH W. MAGNER , Bankruptcy Judge . The Objection to Claim 2 of Republic Finance, LLC ("Republic") filed by debtors Melva and David Lee (collectively "Debtors") came before the Court on April 30, 2019. 1 Republic did not file a response nor did it appear at the hearing. For the reasons orally entered at the hearing, the Court finds the descriptions contained in Republic's security agreement to be sufficient and recognizes Republic's interest in the listed items.
Summary: REASONS FOR DECISION ELIZABETH W. MAGNER , Bankruptcy Judge . The Objection to Claim 2 of Republic Finance, LLC ("Republic") filed by debtors Melva and David Lee (collectively "Debtors") came before the Court on April 30, 2019. 1 Republic did not file a response nor did it appear at the hearing. For the reasons orally entered at the hearing, the Court finds the descriptions contained in Republic's security agreement to be sufficient and recognizes Republic's interest in the listed items. ..
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REASONS FOR DECISION
ELIZABETH W. MAGNER, Bankruptcy Judge.
The Objection to Claim 2 of Republic Finance, LLC ("Republic") filed by debtors Melva and David Lee (collectively "Debtors") came before the Court on April 30, 2019.1 Republic did not file a response nor did it appear at the hearing. For the reasons orally entered at the hearing, the Court finds the descriptions contained in Republic's security agreement to be sufficient and recognizes Republic's interest in the listed items.
At the hearing, the Court ordered Debtors to file an affidavit no later than May 7, 2019, specifying which items listed as collateral are in Debtors' possession.2 Debtors filed an affidavit on May 10, 2019.3 Debtors intend to surrender the following collateral to Republic:
2000 20 Gauge Shotgun $ 150
2007-2017 Assorted Fishing Equipment $ 800
2007-2017 Assorted Hand Tools $1,500
2007 HP Printer $ 700
2010 Men's Gold Watch $ 300
2011 Set of Lawn Furniture $ 600
2011-2016 (2) 19" Vizio TVs $1,1004
Debtors' attest that they do not possess the following items:
2007 Touro Riding Lawnmower $2,500
2014 Home Depot Weedeater $ 200
2014 Home Depot Blower $ 200
2017 Mens Bicycle $ 150
2016 Set of Golf Clubs $ 150
2007 Basketball Goal & Ball $ 300
2007 iPad $ 500
2000 (2) Mens Gold Rings $ 800
2000 Mens Gold Necklace $ 300
2009 Academy BBQ Grill $ 150
2011-2016 55" Toshiba $1,1005
2002 Pioneer Stereo System $ 400
However, Debtors admit that the "2000 (2) Men's Gold Rings" were "sold for money." The other items are labeled as "discarded" or "gone." Debtors want to retain the 2016 Craftsman lawnmower.
The Court holds that Republic has a security interest in the 2016 Craftsman lawnmower that Debtors are retaining. Republic also has a security interest for the value of the "2000 (2) Men's Gold Rings" that Debtors sold. Accordingly, Republic has a secured claim in the amount of $1,700.
A separate Order will be entered in accord with these Reasons.
