[CLBS] redemption question
Ryan Farnsworth
ryan at averylaw.net
Thu Aug 22 17:04:56 MDT 2019
I've got a client with a small boat that's worth about $2,000, he owes a
credit union about $6,000 on it for PMSI/title lien, and it's at a mechanic
where they did $2,000 in repairs on it and will not release the boat until
paid, they have a valid possessory lien.
If I do a motion to redeem under 11 U.S.C. 722 can I name both creditors
and redeem for the single value of $2,000 paid to the credit union?
I feel like each creditor is entitled to their "allowed, secured claim"
which may mean the best case scenario (besides letting it go) is getting an
order that they each must be paid $2,000 to redeem.
The credit union isn't going to help my client get the boat from the
mechanic as they are obviously not happy with him.
Thanks in advance.
Ryan Farnsworth
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