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Michigan's bankruptcy specific exemption statute (Mich. Comp. Laws Section 600.5451) is unconstitutional under the Bankruptcy Clause of the United States Constitution (Article I, sec. 8, cl.4)....
Court of Appeals for the Third Circuit, No. 09-4295, Precedential Opinion, February 16, 2011
Ruling:
The Court ruled that the phrase "commercially reasonable determinants of value" found in section 562(b) of the Bankruptcy Code clearly means that any commercially reasonable valuation methodology...