- 11 U.S.C.
National Energy & Gas Transmission Inc. v. Liberty Elec. Power LLC (In re National Energy & Gas Transmission Inc.)
Jul
10
2007
Ruling
Debt was not reduced by payments received from guarantor but was capped at amount due under original agreement on petition date.
Procedural posture
In appellant debtors'chapter 11 proceeding, appellee creditor was paid the full amount due under the parties'electricity tolling agreement. The creditor allocated the amount first to interest, then to principal, continuing to assert a claim against the debtors for the full amount. The Bankruptcy Court for the District of Maryland allowed the claim, and the district court affirmed. One debtor appealed.
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