- 11 U.S.C.
Rupp v. United Sec. Bank (In re Kunz)
Jun
05
2007
Ruling
Bank of which debtor was a non-controlling "director emeritus" was not an insider.
Procedural posture
Plaintiff debtor filed a bankruptcy proceeding wherein plaintiff trustee maintained that prepetition transfers from the debtor to defendant bank were preferential under 11 U.S.C. § 547(b) as the bank was both a per se insider under 11 U.S.C. § 101(31)(A) and an extra-statutory insider. Plaintiffs challenged a decision of the Bankruptcy Appellate Panel for the Tenth Circuit, which reversed a grant of partial summary judgment to the trustee.
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