In re Heward Brothers
United States Bankruptcy Court for the District of Idaho
210 B.R. 475 (1997)
Relevant factsFree
Farm Credit Bank of Spokane (FCB) (creditor) sold a farm to Heward (debtor) on an installment contract making Heward the equitable owner, with FCB retaining bare legal title until full payment. After Heward defaulted and filed Chapter 11, FCB sought a determination that the contract was executory, which would have let Heward assume it, cure the default, and avoid foreclosure.
IssueFree
Is an installment land sale contract an executory contract for purposes of bankruptcy law if the contract's true function is as a security interest?
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