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Jeffrey A. Fischer and Melanie J. Fischer, Ch. 12, BK08-40125-TJM (July 1, 2013)

A lender was not obligated to release its pre-petition lien when the debtors filed bankruptcy, so the lender is not subject to a finding of civil contempt or sanctions for its failure to do so. Its failure to timely file an amended UCC financing statement releasing some of the collateral, and thereby causing harm to the debtors, was negligent, but not willful.

Monday, July 1, 2013