In re Potter
Mar
19
2008
Ruling
Relief from stay to allow foreclosure granted but execution precluded until resolution of fraudulent transfer proceeding.
Procedural posture
A bankruptcy debtor owned real property consisting of three tracts which were subject to a covenant that the tracts could not be sold separately, and the debtor transferred the property to a trust by quitclaim deed. A bank secured by one of the tracts, and a homeowners' association (HOA) which claimed a lien against the property for unpaid assessments, moved for relief from the bankruptcy stay under 11 U.S.C.S. § 362(d) to pursue foreclosure.
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Court
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