- 11 U.S.C.
In re Atl. Gulf Cmtys. Corp.
May
22
2007
Ruling
Funds deposited in escrow by debtor developer pursuant to state law were not property of the esate.
Procedural posture
Chapter 7 trustee filed a motion to approve the termination of an escrow account established for the protection of New York consumers and the turnover of the remaining escrow funds to the bankruptcy estate. The New York State Department of State opposed the motion.
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Court
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