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Rule 3023-1. Formula for Determining Value, as of the Effective Date of the Plan, for use in Chapters 9, 11, 12, and 13

Part III. Claims and Distribution to Creditors and Equity Interest Holders; Plans

            When the court determines the value, as of the effective date of a plan, of property to be distributed under a plan for any confirmation purpose, it will presume the appropriate interest rate to be paid to a creditor secured by the property is the national average of the prime rate published in The Wall Street Journal on the last day before the confirmation hearing, stated as a simple interest rate per annum, plus two percentage points. See Till v. SCS Credit Corp., 124 S. Ct. 1951 (2004). A creditor desiring a different interest rate must object to confirmation based on the inadequacy of the rate. The creditor has the burden of proof by a preponderance of the evidence on the appropriate interest rate. A Chapter 13 plan must state the specific interest rate to be paid to a creditor.