Louisville Joint Stock Land Bank v. Radford, 295 U.S. 555 (1935)

By M. Jonathan Hayes, Certified Bankruptcy Specialist, Northridge, CA

Issue:  Is an amendment to the bankruptcy code which permits the bankruptcy court to force a secured creditor to give up its lien without payment in full constitutional?

Holding:  No.

Justice Louis Brandeis for unanimous court.

The debtor was a farmer who was behind on his mortgage.  He attempted to reach a “composition” with the bank but was unable.  During this time, Congress passed the Frazier-Lemke Act which gave the debtor in bankruptcy the right to 1) purchase the property at the then appraised value paying the purchase price over . . .

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