- 11 U.S.C.
In re Signature Developers Inc.
Aug
24
2006
Ruling
Trustee could sell subdivision lots free and clear of restriction providing that debtor was the exclusive builder for the development.
Procedural posture
A bankruptcy debtor developed a residential subdivision with a restriction providing that the debtor was the exclusive builder for improvements in the subdivision. The trustee moved pursuant to 11 U.S.C. § 363(f)(5) to sell certain lots in the subdivision to the mortgagee secured by the lots, free and clear of the builder restriction, and a creditor which purchased other lots subject to the restriction objected to the sale.
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Court
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