Perez Mujica v. FirstBank P.R. (In re Perez Mujica)

Relief from stay denied where creditor had not recorded mortgage and was unsecured.
Procedural posture: 
Plaintiff debtor, brought an adversary proceeding seeking a holding that defendant creditor did not have a perfected mortgage lien over its real property under P.R. Laws Ann. tit. 30, § 2260, and was unsecured. The creditor asserted it was entitled to relief from the automatic stay under 11 U.S.C.S. § 362(b)(3). The parties filed cross motions for summary judgment. The mortgage in issue was unrecorded at the time of the bankruptcy filing.
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Consumer case opionion summary, case decided on September 08,2011, LexisNexis #1011-004