Case Summary:
Novation of retail seller's purchase money security interest in household goods sold to debtor on credit did not occur upon the seller's assignment of the sale contract to a third-party finance company.  Finance company had a close nexus with the retail seller which predated the sale of goods to the debtor.  Sale was consummated by the seller in reliance on the finance company's pre-sale approval of a credit application submitted by the debtor.

Statue/Rule References:
11 U.S.C. § 522(f) -- Lien Avoidance
Wis. Stat. § 409.107 -- Purchase Money Security Interest

Key Terms:
Novation
Security Interests -- Purchase Money