- 11 U.S.C.
Ivey v. Hunter Acquisitions Inc. (In re Carolina Acoustical & Floorings Inc.)
Mar
03
2009
Ruling
Obligor on promissory note in favor of debtor allowed setoff for debtor's breach of contract.
Procedural posture
Chapter 7 trustee filed an adversary complaint against the obligor on promissory notes for $30,000 and $50,000, arising out of defendant's purchase of the assets of debtor. At issue inter alia was the impact on the rights of the various parties of setoff provisions in 11 U.S.C.S. § 553 and former Article 6 of North Carolina's version of the Uniform Commercial Code (NCUCC), N.C. Gen. Stat. § 25-6-101 et. seq. (repealed 2005).
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Court
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