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IN RE MILHAM

No. 1336, Docket 97-5056.

141 F.3d 420 (1998)

In re Ronald P. MILHAM and Benedetta Milham, Debtors. KEY BANK NATIONAL ASSOCIATION f/k/a Key Bank of New York, Creditor-Appellant, v. Ronald P. MILHAM and Benedetta Milham, Debtors-Appellees, Andrea E. Celli, Trustee-Appellee.

United States Court of Appeals, Second Circuit.

Decided April 10, 1998.

Attorney(s) appearing for the Case

Richard L. Weisz, Albany, NY (Hodgson, Russ, Andrews, Woods & Goodyear, LLP, of counsel), for Creditor-Appellant.

Martin J. Goodman, Albany, NY, for Debtors-Appellees.

Andrea E. Celli, Albany, NY, for Trustee-Appellee.

(Richard J. Miller & Associates, P.C., Rudolph J. Meola, on the brief, Albany, NY), for Amicus Curiae New York State Credit Union League, Inc.

Before: JACOBS, LEVAL, and GIBSON, Circuit Judges.

PER CURIAM:

The question presented on this appeal, which is one of first impression in this Circuit, is whether an oversecured creditor is entitled to be paid its contract rate of interest post-confirmation even if the payment of that rate of interest will enable the creditor to receive more than the present value of its claim as of the effective date of the plan. For the reasons that follow, we answer this question in the negative.

BACKGROUND

Ronald...

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