Critical Case Comment – Reiber v. GMAC, LLC (In re Peaslee), 2009 N.Y. Slip Op. 05197, 2009 WL 1766000 (N.Y. Jun. 24, 2009)

Reiber v. GMAC, LLC (In re Peaslee), 2009 N.Y. Slip Op. 05197, 2009 WL 1766000 (N.Y. Jun. 24, 2009)

“Negative equity” is both part of the “purchase price” of the acquisition of a new automobile as well as “value given” under the Uniform Commercial Code such that it constitutes part of the purchase money security interest and is protected from “cram down” under the “hanging paragraph.”

Summary of the Case

Ms. Peaslee purchased a 2004 . . .

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