United States Supreme Court
, Download 0
...United States Supreme Court was asked to determine the applicability of section 506(d) to this particular set of circumstances. For the reasons discussed below, the Court held that section 506(d) did not allow the debtor to “strip down” the lien.
As an initial matter, the Court admits that section 506(d) is ambiguous, that both parties have made valid points, but that sound policy and harmonization of the modern Code section...
Petitioner Dewsnup, the debtor in this case, borrowed $119,000 from creditor/respondent Timm. This loan was secured through a Deed of Trust which granted the creditor liens on two parcels of Utah farmland owned by the debtor. The debtor defaulted in 1979; later, in 1981, the...