Millard Refrigerator Servs. v. LandAmerica 1031 Exch. Servs. (In re LandAmerica Fin. Group Inc.)
Apr
15
2009
Ruling
Money deposited by customer in bank account of debtor's subsidiary was property of the estate absent express trust.
Procedural posture
Former customer filed an adversary proceeding against chapter 11 debtors, a financial group and its subsidiary, seeking a judgment that money it deposited in bank accounts the subsidiary opened was held in trust for its benefit and should be returned to it. Official groups of unsecured creditors intervened in the action, and the customer and the groups of unsecured creditors filed cross-motions for partial summary judgment.
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Court
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