- 11 U.S.C.
AFB&T v. Sullivan (In re Sullivan)
Nov
26
2010
Ruling
Security interest in debtor's residence conveyed by debtor in capacity as president of his debtor company could be avoided where debtor was acting as debtor in possession.
Procedural posture
Lender filed an adversary proceeding against chapter 11 debtor, seeking a judgment declaring that it had a valid, perfected security interest in the debtor's residence or, in the alternative, the reformation of a deed. The debtor filed a motion to dismiss the lender's complaint, claiming that a deed he executed in his capacity as president of a company he owned did not convey a security interest in his residence to the lender.
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Court
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