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In re Henshaw (Case No. 07-60957) 10/05/2007

The Court held that, as held in The Bank of New York, Tr. of the Oakwood Acceptance Corp. REMIC Trust 1994-1 v. Leake (In re Wuerzberger), 284 B.R. 814 (Bankr. W.D. Va. 2002), Virginia's titling statutes and version of Article 9 of the Uniform Commercial Code do not require an assignee to refile a financing statement to preserve its reflected status or to amend a certificate of title to reflect its name as a condition of perfection because, so long as no new liens are created by an assignment, the world is properly on notice of the lien and could readily ascertain the nature of the lien even if the assignee's name does not appear on the title.  Therefore, the Court sustained a creditor's objection to the confirmation of debtor's Chapter 13 plan based on debtor's treatment in the Chapter 13 plan of such creditor's claim as an unsecured claim rather than as a secured claim.

Date: 
Friday, October 5, 2007
Category: 
Claim Objections
Classification of Claims
Confirmation of Plan
Plan Modification
UCC
Unsecured Claim
Chapter: 
13