In re Faith Ann PEASLEE, Jonathan T. Vanmanen, Michael Colombai, Shannon A. Colombai, Pamela D. Jackson
George M. Reiber, Defendant-Appellant,
v.
GMAC, LLC, Ford Motor Credit Company, General Motors Acceptance Corporation, Sovereign Bank, HSBC Auto Finance, Plaintiffs-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued: September 25, 2008.
Decided: October 9, 2009.
Attorney(s) appearing for the Case
George M. Reiber, Rochester, N.Y., Pro se.
Barkley Clark (Katherine M. Sutcliffe Becker, on the brief), Stinson Morrison Hecker, LLP, Washington, D.C., for Plaintiffs-Appellees GMAC, LLC and Ford Motor Credit Company.
Matthew J. McGowan, Salter McGowan Sylvia & Leonard, Inc., Providence, R.I., for Plaintiff-Appellee Sovereign Bank.
Martin A. Mooney, Mark D. Glastetter, Bonnie S. Baker, Deily Mooney & Glastetter, LLP, Albany, N.Y., for Plaintiff-Appellee HSBC Auto Finance.
Richard Lieb, St. John's University School of Law, Jamaica, N.Y. (Ingrid M. Hillinger, of counsel), for Amici Curiae.
Ingrid M. Hillinger, Michael Hillinger, Adam J. Levitin, Michael M. White, and Jean Braucher in Support of Defendant-Appellant.
Lewis W. Siegel (Tara Twomey, of counsel), New York, N.Y., for Amicus Curiae National Association of Consumer Bankruptcy Attorneys in Support of Defendant-Appellant.
James J. White, Ann Arbor, MI, for Amici Curiae American Financial Services Association and National Automobile Dealers Association in Support of Plaintiffs-Appellees.
Before: CALABRESI, STRAUB, and RAGGI, Circuit Judges.
United States Court of Appeals, Second Circuit.
PER CURIAM:
This consolidated appeal raises the question of whether the portion of an automobile retail instalment sale obligation attributable to a trade-in vehicle's "negative equity" (i.e., debt owed above and beyond the current collateral value of the traded-in vehicle) should be considered part of the purchase-money security interest arising from the sale of a vehicle, and therefore protected from cramdown by the...
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