- 11 U.S.C.
Togut v. RBC Dain Correspondent Servs. (In re S.W. Bach & Co.)
Aug
18
2010
Ruling
Transfer by debtor's clearing agent of customer accounts to broker-dealer without consideration was a "transfer of an interest of the debtor in property" and a constructive fraudulent conveyance.
Procedural posture
Plaintiff, chapter 7 Trustee of debtor, a former broker-dealer, sought partial summary judgment under Fed. R. Civ. P. 56, made applicable by Fed. R. Bankr. P. 7056, against defendant, a broker-dealer (hereafter, the "broker-dealer"), on the Trustee's constructive fraudulent transfer claim under 11 U.S.C.S. § 548(a)(1)(B) (Count Nine). The broker-dealer in turn sought denial of partial summary judgment and a dismissal of Count Nine.
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Court
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