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Security interest in income stream/Stay violation?
Mark:
Liens survive discharge. So postdischarge (no hyphen) collection of liened residuals ok. No difference from mtg. The residuals are cash collateral, 363 applies.
D
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voiced fence
On Sep 10, 2013, at 4:26 PM, "Mark J. Markus" wrote:
> Anyone here expert with UCC-9 type issues?
>
> I have a debtor who owed money to the Writers Guild for loans given during a strike. The loans were apparently secured by future residuals/royalties. The debtor filed Ch. 7 and got his discharge. The Writers Guild continued to take debtor's incoming residuals postpetition and, I presume, will continue to do so post discharge.
>
> Is (was) this a stay violation under 362, and potential 524 post discharge violation, or are they entitled to collect from their collateral this way? I understand how this works with mortgage-type debts, but not with an income stream like royalties.
>
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The post was migrated from Yahoo.