Supreme Court dismissed claim for realization proceeds offset against security creditor when debtor sold secured home before program end.
Sintesi Legislator
Generato dall'IAThe Supreme Court dismissed the creditor's claim to offset realization proceeds against their security debt. The debtor sold their secured home before the repayment program concluded to move to a new rental property. The court ruled that the sale occurred prior to the program's termination, preventing the automatic offset of proceeds against the security obligation.
Regesto Legislator
Generato dall'IASection 10 of the Security Act 1973; Section 10 of the Security Act 1973: Proceeds from the sale of a secured property before the termination of a repayment program do not automatically offset the security creditor's claim.
Parole chiave
Generato dall'IADisposizioni normative citate
Generato dall'IADecisioni correlate
Generato dall'IATesto completo
Toiselle paikkakunnalle vuokra-asuntoon muuttamisen takia velallinen myi maksuohjelmassa säilytetyn omistusasuntonsa ennen maksuohjelman päättymistä. Kysymys realisointituottojen tilittämisestä vakuusvelkojalle.