Local Rule Rule 3012-1: Valuation of Collateral

Rule 3012-1 Valuation of Collateral The following procedures shall be applicable to valuation hearings held pursuant to 11 U.S.C. § 506 and Federal Rule of Bankruptcy Procedure 3012, and as otherwise provided by these rules.

(a) Any party to a valuation dispute who intends to offer into evidence an expert's appraisal of property must mark the original appraisal as an exhibit in accordance with the requirements of Local Rule 9070-1.

(b) Also, the offeror must mark as a separate exhibit, or include as part of the appraisal, an affidavit of the appraiser which sets forth the appraiser's qualifications.

(c) A party intending to offer an appraisal into evidence must serve a copy of the appraisal exhibit and appraisal affidavit on other parties to the valuation dispute at least 14 days prior to the valuation hearing. At the same time, the party shall submit an unfiled paper and electronic copy to the Court, marked "Judge's Copy".

(d) Unless an opposing party files and serves a written objection to the exhibit at least 7 days prior to the hearing, the appraisal exhibit will be admitted into evidence without the need of additional evidence to support the admission.

(e) Except in unusual circumstances, or unless the offeror otherwise requests, the appraisal and affidavit will constitute the appraiser's direct testimony on the issue of value. Nonetheless, the offeror must have the appraiser present at the hearing for purposes of cross-examination.

(f) The Court may, on objection by the opposing party, deny admission of an appraisal exhibit which was not served in compliance with this rule, unless good cause is shown for the failure to comply.