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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