Opinion ID: 500062
Heading Depth: 1
Heading Rank: 4

Heading: Vacation from Stay

Text: 15 Bowest's final argument is that the stay pursuant to Cynthia Ward's bankruptcy should have been lifted pursuant to 11 U.S.C. Sec. 362(d)(2) because Bowest proved that Cynthia Ward had no equity interest in the property and Cynthia Ward did not show that the foreclosed property was necessary for an effective reorganization. Bowest concedes that the standard of review is whether the fact finding is clearly erroneous. Bowest produced only a tax collector's assessment and an appraisal report as its proof of the fair market value of the premises. The bankruptcy court found this was insufficient to show that the debtor lacked equity in the property. 16 In the majority of the relevant cases, the creditors offered more than bare-bones, paper allegations to satisfy their burden under section 362(g) of proving the debtor's lack of equity in the property. See, e.g., In re Toto, 29 B.R. 947, 948 (Bankr.E.D.Pa.1983) (mortgagee presented testimony of appraiser regarding fair market value of property); In re Terra Mar Associates, 3 B.R. 462, 465 (Bankr.D.Conn.1980) (lack of equity supported by creditor's witness and written reports of three court-appointed disinterested appraisers); see also In re Air Vermont, Inc., 43 B.R. 244, 246 (Bankr.D.Vt.1984) (creditor submitted official appraisal and additional affidavits to prove lack of equity). 17 The moving party bears the burden of proof on a motion for relief from the stay. See 11 U.S.C. Sec. 362(g). The Bankruptcy Court's finding was not clearly erroneous. See In re Butler, 425 F.2d 47, 50 (3d Cir.1970). Accordingly, the district court did not err in affirming the denial of the motion to vacate the stay. 8