- 11 U.S.C.
First Ave. West Bldg. LLC v. James (In re Onecast Media)
Feb
23
2006
Ruling
Security deposit was estate property since the trustee's rejection of the lease constituted a breach, not a recission, of the contract and enabled the trustee to then pursue a breach-of-contract action to recover the balance of the security deposit.
Procedural posture
Appellee, a chapter 7 trustee, sought reconsideration of a bankruptcy court order denying the trustee's claim to recover proceeds obtained by appellant creditor under a letter of credit. The bankruptcy court denied the trustee's motion. The District Court for the Western District of Washington reversed a bankruptcy court's order. The creditor appealed.
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