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Valuation of Collateral

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Local Rule Number: 
Rule 3012-1
3000 Series

Motions to value collateral pursuant to Bankruptcy Rule 3012 shall be served on the affected creditors in accordance with Bankruptcy Rule 7004.  In a chapter 13 case, valuation of secured property shall also be in accordance with Local Rule 3015-3(A).  A separate motion to value collateral that is an interest in real property, a motor vehicle, a motor home, a boat, a ship or a manufactured home, is required for each such asset for which relief is sought; any motion seeking valuation of more than one asset may be denied without hearing.  Motions to value personal property other than a motor vehicle, a motor home, a boat, a ship or a manufactured home may seek to value more than one item of personal property, but each item of personal property must be identified, even if the property is valued as a group.

[Comment: Motions to value collateral may only seek to value one piece of collateral.  However, parties may include more than one piece of collateral for most items of personal property so long as each item of property is identified (e.g. “chairs” would not be acceptable, but “five straight back chairs and one armchair” would be).]