- 11 U.S.C.
Angell v. Ray J. Pennington Inc. (In re Partitions Plus of Wilmington Inc.)
Mar
20
2008
Ruling
Transfer was not avoidable due to applicability of contemporaneous exchange for new value defense.
Procedural posture
Plaintiff chapter 7 Trustee filed an adversary proceeding against defendant creditor seeking to avoid a transfer from the debtor as preferential. The creditor had worked as a subcontractor for the debtor. The creditor asserted, inter alia, that the payments could not be avoided because they were a contemporaneous exchange for new value given to the debtor under 11 U.S.C.S. § 547(c)(1). Both parties filed summary judgment motions.
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Court
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