- 11 U.S.C.
In re South Side House LLC
Jun
15
2012
Ruling
Rents assigned by single asset real estate debtor to mortgagee were property of the estate to be applied first to the lender's unsecured claim.
Procedural posture
In connection with plan confirmation, which was contested, the court considered whether rental income used by a single asset debtor to make adequate protection payments per 11 U.S.C.S. § 362 to the lender, a secured creditor, was debtor's property per 11 U.S.C.S. § 541 or was the lender's property based on debtor's execution of an assignment of rents. Related issues included the proper application of such payments to the lender's claim.
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Court
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