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Till v. SCS Credit Corp.

Docket No.: 02-1016
Certiorari Granted: Jun 16 2003
Argued: December 2, 2003
Decided: May 17, 2004

Topics:

Bankruptcy Code, Bankruptcy Act or Rules, or Bankruptcy Reform Act of 1978, Economic Activity, Bankruptcy, Bankruptcy, Bankruptcy Code, Consumer Protection, FOIA, Freedom of Information Act, Privacy Act, Truth in Lending, chapter 11, privacy, property rights

PartyNames: Lee M. Till, et ux. v. SCS Credit Corporation
Petitioner: Lee M. Till, et ux.
Respondent: SCS Credit Corporation

Court Below: United States Court of Appeals for the Seventh Circuit
Citation: CA 7, 301 F.3d 583. QUESTIONS PRESENTED a) Is an undersecured creditor entitled to the "indubitable equivalent" of itsnonbankruptcy entitlement for purposes of discounting deferred payments to present value under the Chapter 13 cramdown provision at 11 U.S.C. §1325(a)(5)(B)(ii), resulting in fixing of a subprime lender's 21% contract rate as the presumptive discount rate? b) What is the proper method for discounting of deferred payments topresent value on property retained by the debtor under the Chapter 13 cramdown provision, and what is the creditor entitled to be compensated for in calculating the appropriate discount rate of interest?
Supreme Court Docket

Lee M. Till, et ux.
v.
SCS Credit Corporation
541 U.S. 465 (2004)
Question Presented:

a) Is an undersecured creditor entitled to the "indubitable equivalent" of itsnonbankruptcy entitlement for purposes of discounting deferred payments to present value under the Chapter 13 cramdown provision at 11 U.S.C. §1325(a)(5)(B)(ii), resulting in fixing of a subprime lender's 21% contract rate as the presumptive discount rate? b) What is the proper method for discounting of deferred payments topresent value on property retained by the debtor under the Chapter 13 cramdown provision, and what is the creditor entitled to be compensated for in calculating the appropriate discount rate of interest? CERT. GRANTED: 6/16/03

Question:

What is the proper interest rate when a bankruptcy filer seeks to reschedule his payments on a loan so that they are equal to the "total present value" of the loan?

Note:

. CA 7, 301 F.3d 583.

Till v. SCS Credit Corp.
ORAL ARGUMENT

December 2, 2003

Holding: reversed and remanded
Decision: Decision: 5 votes for Till, 4 vote(s) against
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