From the Editor – Surrender and Vesting

By The Honorable William Houston Brown (Retired)

Plan provision to vest property in mortgagee was incompatible with surrender. The district court held that “vesting” was not synonymous with “surrender.” “Surrender” means making the property available to the creditor and “vesting” relates to transfer of title. Under the options of § 1325(a)(5), if the creditor does not accept the plan’s proposal, the debtor’s options are to surrender the collateral or pay present value. To combine § 1322(b)(9)’s vesting provision with surrender would create a fourth option to debtors that is not available . . .

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