Welzel stipulated that Advocate's right to fifteen percent of the indebtedness for attorney's fees vested as a matter of state law upon his failure to satisfy the debt within ten days of the written notice. Welzel objects to the allowance of any attorney's fees beyond those actually incurred and determined to be reasonable. The parties contest only the conclusions of law reached by the bankruptcy court and the district court, and therefore our review is de novo. We conclude that the latter controls by virtue of preemption. Welzel acknowledges that Advocate's claim is an allowed secured claim, that Advocate is oversecured, and that the notes which form the basis of its claim provide for attorney's fees upon collection.
Advocate relies on Ga.
Under the Georgia statute, if the creditor gives written notice of default and the debtor does not cure the default within ten days of receipt of the notice, the contractual obligation is valid and enforceable. Here, Advocate's predecessor adhered to this procedure and Welzel failed to cure the default within the notice period. After the notice period passed, Welzel sought protection under the bankruptcy laws. Because there has been a change in the applicable statute, we are no longer bound by East Side Investors. Some of these cases include a thorough recitation of the legislative history insofar as it relates to Congress's intent that state law should no longer govern the enforceability of attorney's fee agreements.