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Lost In Translation: Till V. Scs Credit Corp. And The Mistaken Transfer Of A Consumer Bankruptcy Repayment Formula To Chapter 11 Reorganizations, Mark J. Thompson, Katie M. Mcdonough
Lost In Translation: Till V. Scs Credit Corp. And The Mistaken Transfer Of A Consumer Bankruptcy Repayment Formula To Chapter 11 Reorganizations, Mark J. Thompson, Katie M. Mcdonough
Fordham Journal of Corporate & Financial Law
This Article argues that courts overseeing chapter 11 cases have been mistakenly invoking the Supreme Court’s 2004 decision in Till v. SCS Credit Corp.—which specified a consumer-friendly formula for setting the interest rate on the remaining payments on a loan that financed a used pickup truck—at the expense of over a century of Supreme Court precedents that established the contrastingly creditor friendly “fair and equitable” standard for repayment of business debts, as well as disregarding a clear statutory distinction between the present value tests in chapters 11 and 13. This Article also discusses the controversial 2014 decision in Momentive Performance …