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IN RE WHIPPLE

No. 09-80090.

417 B.R. 86 (2009)

In re David N. WHIPPLE and Sally K. Whipple, Debtors.

United States Bankruptcy Court, C.D. Illinois.

September 21, 2009.

Attorney(s) appearing for the Case

Steven E. Balk, Attorney for Debtors.

Steven L. Nelson, Attorney for Ford Motor Credit.

Richard A. Bowers, for Trustee.

OPINION

THOMAS L. PERKINS, Chief Judge.

Negative equity in a trade-in vehicle rolled over into a purchase money loan gives rise to an issue of statutory construction regarding the hanging paragraph. Most courts use state law to define "purchase money security interest." This Court agrees with the minority position that Congress intended the hanging paragraph to be interpreted as a matter of federal law so that "purchase money security interest" is...

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