United States Fourth Circuit

In a bankruptcy proceeding concerning a car loan, the Bankruptcy Court's order that the creditor lacked a "purchase money security interest" in the vehicle under 11 U.S.C. 1325(a) is reversed, where a creditor has a purchase money security interest for the portion of its claim related to negative equity.

Appellate Information

• Decided 04/13/2009
• Published 04/13/2009

Judges

• Before WILKINSON, KING, and GREGORY, Circuit Judges.

Court

• United States Fourth Circuit

Counsel

• For Appellant:
  
• ARGUED:  David G. Epstein, Haynes & Boone, L.L.P., Dallas, Texas, for Wells Fargo Financial Acceptance.  William Earl Brewer, Jr., Raleigh, North Carolina, for Telephius Letoinne Price and Shawana Denise Price.   ON BRIEF:  Pamela P. Keenan, Kirschbaum, Nanney, Keenan & Griffin, P.A., Raleigh, North Carolina, for Wells Fargo Financial Acceptance.  Barkley Clark, Katherine M. Sutcliffe Becker, Stinson, Morrison, Hecker, L.L.P., Washington, D.C., for Amicus Curiae GMAC, L.L.C. Michael R. Totaro, Totaro & Shanahan, Pacific Palisades, California, for Amici Curiae Ingrid M. Hillinger, Michael Hillinger, Jean Braucher, Adam J. Levitin, and Michaela M. White.  Tara Twomey, National Association of Consumer Bankruptcy Attorneys, San Jose, California, for Amicus Curiae National Association of Consumer Bankruptcy Attorneys.