Opinion
Case No.: 11-23633
2012-12-20
In re: MARYLAND PAVING & SEALANT, INC., et al. Debtors TCF EQUIPMENT FINANCE, INC. Movant MARYLAND PAVING & SEALANT, INC. Respondent
John Burns The Burns Law Firm, LLC Attorney for Cantrell / Cutter Printing, Inc. William P. Baker Baker & Baker, P.A. Attorney for TCF Equipment Finance, Inc.
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U. S. BANKRUPTCY JUDGE
Chapter 11
2008 Ford F450 Single Axle with a 12' Knapheide Dump Body with all attachments and accessories thereto
2008 Ford F350 with one Snow Plow and one Salt Spreader with all attachments and accessories thereto
STIPULATION AND CONSENT ORDER RESOLVING MOTION OF TCF
EOUIPMENT FINANCE, INC. FOR RELIEF FROM THE AUTOMATIC STAY
Debtor, Maryland Paving & Sealant, Inc. ("Debtor") and TCF Equipment Finance, Inc. ("Movant"), by and through their attorneys, hereby agree and stipulate as follows:
WHEREAS, Debtor filed its Chapter 11 Bankruptcy Petition on June 30, 2011, ("Petition Date"); and
WHEREAS, TCF is the holder of two (2) secured claims against Debtor, one under a Promissory Note dated September 11, 2008, in the original principal amount of $46,478.06, plus interest at the rate of 7.61% per annum; and the second under a Promissory Note dated December 23, 2008 in the original principal amount of $52,797.30, plus interest at the rate of 7.75% per annum; and
WHEREAS, on or about September 11, 2008, TCF financed for Debtor the purchase of a new 2008 Ford F450 Single Axle with a 12 Foot Knapheide Dump Body together with attachments and accessories thereto (the "Ford F450 and Dump Body"), pursuant to the terms of a Promissory Note (the "September Note") between the parties. On or about September 11, 2008, Debtor executed a Security Agreement in favor of TCF as the secured party granting, among other things, a security interest to TCF in the Ford F450 and Dump Body; and
WHEREAS, on or about December 23, 2008, TCF financed for Debtor the purchase of a new 2008 Ford F350 with one Snow Plow and one Salt Spreader and attachments and accessories thereto (the "Ford F350, Snow Plow and Salt Spreader"), pursuant to the terms of a second Promissory Note (the "December Note") between the parties. On or about December 23, 2008, Debtor executed a second Security Agreement, granting TCF as secured party a security interest in, among other things, the Ford. F350, Snow Plow and Salt Spreader; and
WHEREAS, Debtor filed its Chapter 11 Bankruptcy Petition on September 1, 2011, ("Petition Date"); and
WHEREAS, after Debtor failed to make post-petition payments to Movant, Movant filed a Motion for Relief from the Automatic Stay pursuant to 11 U.S.C. § 362(d) of the United States Bankruptcy Code for entry of an order, inter alia, terminating the automatic stay as to Movant and the 2008 Ford 450 and Dump Body and the 2008 Ford F350, Snow Plow and Salt Spreader (collectively the "Equipment").
NOW THEREFORE, the parties, intending to be legally bound, have elected to resolve the instant dispute as follows, and is by the United States Bankruptcy Court for the District of Maryland ORDERED that:
On or before January 3, 2013, Debtor shall pay to TCF the sum of $25,137.10 ("Close Out Amount") in full payment of the aforesaid Notes. In consideration of timely payment, TCF waives its right to late fees.
The automatic stay of 11 U.S.C. § 362, is modified so that Movant may repossess and enforce its non-bankruptcy remedies as to the Equipment and any other property subject to the Security Agreements if Debtor does not timely pay the Close Out Amount in full within five days of the January 3, 2013 due date, time being of the essence. On request by Movant, Debtor shall surrender the Equipment to Movant, if Debtor foils to timely pay the Close Out Amount.
This Stipulation and Consent Order bind Movant and the bankruptcy estate whether the bankruptcy estate is represented by Debtor in possession or a successor trustee appointed under any Chapter of the Bankruptcy Code.
That the Debtor, having waived the applications of F.R. Bankr. P. 4001(a)(3), this Order shall be enforceable on the date of its entry.
SO STIPULATED AND AGREED:
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John Burns
The Burns Law Firm, LLC
Attorney for Cantrell / Cutter Printing, Inc.
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William P. Baker
Baker & Baker, P.A.
Attorney for TCF Equipment Finance, Inc.
Read and Understood: _______________
CERTIFICATION
I HEREBY CERTIFY that (he terms of the copy of the copy of this Stipulation and Consent Order submitted to the Court are identical to those set forth in this original Stipulation and Consent Order and that the signatures represented by the ____ line on this copy reference the signatures of the consenting parties on the original Stipulation and Consent Order
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William P. Baker