In re Wait

Mortgage is not an executory contract and need not be assumed or rejected by trustee.
Procedural posture: 
The chapter 7 trustee objected to the debtor's claim of a homestead exemption under Iowa Code §§ 499A.18, 561.16, 561.19, and 561.20. The debtor moved for abandonment of property, asserting that the mortgage encumbering the property was an executory contract under 11 U.S.C.S. § 365(d)(1), and because the trustee did not assume or reject it, it was deemed rejected.
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Consumer case opionion summary, case decided on December 30,2008, LexisNexis #0209-006