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§ 548(c)

Williams v. FDIC (In re Positive Health Mgmt.)

Oct
16
2014
Ruling
Innocent transferees could retain payments received on loan made to a nondebtor entity less payments exceeding market rental value of property securing the loan.
Issue(s)
Whether an innocent transferee that received fraudulent transfers could, under the affirmative defense in 11 U.S.C.S. § 548(c), retain all the funds it received even though it gave less value to the debtor than it received.

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on October 16, 2014 , LexisNexis #1114-050
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Gold v. First Tenn. Bank Natl Assn (In re Taneja)

Feb
21
2014
Ruling
Bankruptcy court did not err in finding that transferee bank did not establish good faith defense to avoidance.
Issue(s)
Whether a bank proved its good-faith defense to avoidance of an alleged fraudulent transfer based on the testimony of two bank employees?

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Court :
Judge or Jurisdiction information not available
Consumer opinion summary, case decided on February 21, 2014 , LexisNexis #0614-124
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McCarthy v. Wells Fargo Bank (In re El-Atari)

May
22
2013
Ruling
Reference of fraudulent transfer proceeding withdrawn to allow for jury trial on affirmative defense of good faith.
Procedural posture

Trustee filed an adversary proceeding against bank. The bank's motions to withdraw the reference to the district court were denied. The case was referred for mediation, but the mediation was unsuccessful. The bank's motion to dismiss the amended complaint was granted, in part, and denied, in part.

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Consumer opinion summary, case decided on May 22, 2013 , LexisNexis #0613-060
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Silverman v. United Talmudic Acad. Torah Vyirah Inc. (In re Allou Distribs.)

Mar
18
2011
Ruling
Summary judgment granted in avoidance proceeding granted in favor of not-for-profit alleged transferee where it was not established that funds were received.
Procedural posture

Plaintiffs, a bankruptcy trustee and a financial corporation, filed an adversary proceeding against defendants, a not-for-profit corporation, the president of the not-for-profit corporation, and a trading company, seeking recovery of money that a corporate debtor transferred to the not-for-profit corporation before the debtor declared Chapter 7 bankruptcy. The not-for-profit corporation filed a motion for partial summary judgment.

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Commercial opinion summary, case decided on March 18, 2011 , LexisNexis #0411-070
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Meoli v. Huntington Natl Bank (In re Teleservices Group Inc.)

Mar
17
2011
Ruling
Good faith defense to avoidance failed where transferee bank did not conduct itself appropriately.
Procedural posture

Chapter 7 trustee filed an action against defendant, a creditor bank, to recover fraudulent transfers the bank allegedly received either directly from the debtor or indirectly through a related company. The bank asserted its good faith under both 11 U.S.C.S. §§ 548(c) and 550(b)(1).

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Commercial opinion summary, case decided on March 17, 2011 , LexisNexis #0411-102
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Stanziale v. Sutton (In re Dwek)

Jan
20
2011
Ruling
Transfer of "profits" by debtor Ponzi scheme operator avoided as fraudulent given absence of non-fraudulent basis for transfer.
Procedural posture

Trustee sought summary judgment against defendant transferees on claims that debtor's wire transfers to them totaling $1.369 million, which included $169,999 in "profits," were voidable as fraudulent conveyances per 11 U.S.C.S. § 548. Defendants opposed the motion, claiming inter alia that they had given value to debtor by transferring $1.2 million to him for the purpose of investment and thus had a lien within the meaning of § 548(c).

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Consumer opinion summary, case decided on January 20, 2011 , LexisNexis #0211-089
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