An Oregon Motion To Value Property Pursuant To 11 USC 506 And Avoid is a motion filed in an Oregon bankruptcy court that allows a debtor to value certain secured property and potentially avoid a lien on the property. This motion allows debtors to value assets such as cars, real estate, or furniture, and if the value is lower than the amount of the secured debt, the lien can be removed from the property. This motion is commonly used in Chapter 7 bankruptcy cases. The types of Oregon Motion To Value Property Pursuant To 11 USC 506 And Avoid include the Motion to Value Real Property, Motion to Value Personal Property, Motion to Value Motor Vehicles, and Motion to Value Furniture.
Oregon Motion To Value Property Pursuant To 11 USC 506 And Avoid
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Motion To Value Property Pursuant To 11 USC 506 And Avoid
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If a creditor is "oversecured" because the creditor's collateral has a greater value than the face amount of the claim, section 506(b) provides that the creditor is entitled to receive, as part of its secured claim, "interest on its claim, and any reasonable fees, costs, or charges provided for under the agreement or
Section 506(b) deals with seizure, forfeiture, and destruction of material involved in cases of criminal infringement. Section 506(a) contains a special provision applying to any person who infringes willfully and for purposes of commercial advantage the copyright in a sound recording or a motion picture.
Motions to determine secured status are usually filed by the debtor but may be filed by other parties. Under § 506, a party may file a motion seeking to determine the amount of a creditor's secured claim based upon the value of the creditor's collateral.
The trustee may recover from property securing an allowed secured claim the reasonable, necessary costs and expenses of preserving, or disposing of, such property to the extent of any benefit to the holder of such claim, including the payment of all ad valorem property taxes with respect to the property.
Allowed Secured Claims means an Allowed Claim secured by a valid and enforceable lien, security interest or other charge against property in which the Debtor has an interest, or which is subject to setoff under Sec. 553 of the Bankruptcy Code, but only to the extent of the value (determined in ance with Sec.
Section 506 of the Bankruptcy Code governs secured claims against a debtor's estate, and allows debtors to void a lien to the extent it is unsupported by the value in the collateral.