In re Urban Communicators PCS Ltd. Pship
Dec
11
2007
Ruling
Creditor allowed contractual default rate of interest with downward modification to avoid conflict with usury laws.
Procedural posture
A creditor in bankruptcy cases was determined to be oversecured and asserted that it was entitled to interest on its claims based on the contractual rate of interest stated in promissory notes, which included an increased default rate of interest and compounding the interest. The creditor moved for an award of interest pursuant to 11 U.S.C. § 506(b).
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Court
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