- 11 U.S.C.
CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial. Loan Corp.)
Apr
29
2010
Ruling
Constructively fraudulent transfer for value accepted in good faith was not avoidable.
Procedural posture
Creditors' trust brought an adversary proceeding against defendant transferees of funds from a bankruptcy debtor alleging that the transfer of funds to the transferees as payment for stock in the debtor constituted an avoidable fraudulent transfer. The transferees admitted that the transfer was constructively fraudulent but asserted a defense under 11 U.S.C.S. § 550(b)(1) based on taking the transfer in good faith.
ABI Membership is required to access the full summary of CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial. Loan Corp.) Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: