In re Gillikin
Mar
03
2012
Ruling
Contract rate of interest rather than adjusted prime was proper for creditor's claim based on terms of promissory note.
Procedural posture
A bankruptcy debtor proposed a disclosure statement regarding the debtor's proposed plan which provided for interest on a creditor's over-secured claim based on the prime rate plus risk adjustments. The creditor objected to the disclosure statement and asserted that the creditor was entitled to the higher contract rate of interest set out in promissory notes.
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Court
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