Opinion ID: 472220
Heading Depth: 3
Heading Rank: 2

Heading: The date of valuation of collateral for adequate-protection purposes.

Text: 33 Congress specifically left open the question of the date of valuation. See p. ----, infra. The bankruptcy court determined that values for purposes of adequate protection were to be fixed as of the date the petition was filed. While this decision is appropriate with respect to the livestock and grain in storage, which, under state law, could have been sold immediately, it is inappropriate with respect to the collateral that could not have been sold immediately. That collateral should be valued at the time it could have been sold under state law as discussed in section II.A.1 of this opinion. Even if this timing error were ignored, the bankruptcy court's findings as to the values of the land and equipment were clearly erroneous. In making his decision, it failed to take into account the fact that land values had declined by at least twenty-four percent in the twelve-month period immediately preceding the filing of the petition in bankruptcy. 9 There is likewise no support in the record for the bankruptcy court's statement that the debtor based his opinion as to value on conjecture. 10 The bankruptcy court will redetermine these values on remand. 34