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Summarizing by Lars Fuller

Bank of America, N.A. v. Iest (In re Iest)

No. 14-12406; D.C. Docket No. 2:14-cv-00099-RWS; Bkcy. No. 13-bkc-23099-REB
In light of Bank of America, N.A. v. Caulkett , 575 U.S. ____, 135 S. Ct. 1995 (2015), which held that 11 U.S.C. § 506(d) does not permit a bankruptcy court to strip off the underwater second lien in the context of a Chapter 7 case, the Court of Appeals for the 11th Circuit vacated the judgment of the district court and remanded the case to the district court for further proceedings.
Procedural context:
The bankruptcy court entered an order "stripping off" the wholly unsecured second lien under 11 U.S.C. § 506(d). The district court affirmed. The Court of Appeals for the 11th Circuit affirmed. The matter came before the Court of Appeals for the 11th Circuit on remand from the U.S. Supreme Court.
The chapter 7 debtor has a residence that secures two liens. The second lienholder's lien is wholly unsecured.
Wilson, Rosenbaum, and Cox

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