- 11 U.S.C.
Roeder v. Lockwood (In re Lockwood Auto Group Inc.)
Apr
28
2011
Ruling
On remand, debtor's principal's pledge of CD collateral for bank loan found not to be fraudulent.
Procedural posture
Plaintiff Chapter 7 trustee filed an adversary proceeding against defendants, a bank and an individual who had been the principal owner of a car dealership, seeking a determination that the principal committed fraud before the dealership declared bankruptcy. The bankruptcy court found that transactions the principal made were constructively fraudulent under 11 U.S.C.S. § 548(a)(1)(B), but the district reversed that judgment and remanded the case.
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Court
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