IN RE CALHOUN, Case No. 95-31004 (Bankr. W.D.N.C., Nov. 3, 1995)(J. Whitley) - The Court held that under the doctrine of equitable subordination, a creditor had a perfected security interest in the Chapter 13 debtor's automobile even though the creditor's lien was not noted on the certificate of title prior to the filing of the bankruptcy petition. The Court also held that under N.C.G.S. 25-9-301, the holder of a perfected security interest enjoys rights that are superior to the rights of the Trustee as a hypothetical judicial lien creditor under 11 U.S.C. 544(a)(1).