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From the Editor – Surrender
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By The Honorable William Houston Brown (Retired)
Section 1322(b)(8) does not permit payment of judgment creditor’s claim with property and partial surrender is prohibited. The proposed plan provided that a judgment creditor’s secured claim would be paid by surrender of a lake house in full satisfaction. The court held that § 1325(a)(5)((C)’s surrender may not be invoked to surrender part of collateral in full satisfaction. Moreover, § 1322(b)(8) does not permit “payment” of a claim by delivery of possession of property—this would be a surrender. State law . . .
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