- 11 U.S.C.
Goldberg v. Countrywide Home Loans Inc. (In re Seaway Intl Transp. Inc.)
Mar
08
2006
Ruling
Transfers were deemed not fraudulent since debtors received reasonably equivalent value by compensating their principal owner solely by making the owner's mortgage payments in exchange for the owner's services.
Procedural posture
Plaintiff trustee filed an action against defendant bank alleging that payments that the debtors had made to the creditor, to make mortgage payments that were owed to the creditor by the debtors'principal owner, were fraudulent transfers that could be recovered for the benefit of the debtors'estates, pursuant to 11 U.S.C. §§ 544 and 548.
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Court
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