U.S. Aeroteam Inc. v. Delphi Automotive Systems LLC (In re United States Aeroteam)
Aug
01
2005
Ruling
Creditor found to have setoff rights for debt owed more than 90 days before filing, but trial was required to determine creditor's setoff rights for debt owed during 90 days prior to filing.
Procedural posture
Plaintiff debtor filed for bankruptcy. Defendant creditor filed a motion for relief from the automatic stay in order to exercise a right to setoff under 11 U.S.C. § 553. Plaintiff assignee joined in the action to determine whether its security interest in the debtor's accounts receivable affected the right to setoff. Both the debtor and the creditor filed motions for summary judgment.
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Court
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