- 11 U.S.C.
Zimmerman v. Maney
Apr
30
2008
Ruling
Bankruptcy court properly avoided transfer of balance of proceeds of estate property sale where no abandonment had occurred.
Procedural posture
Appellants, officers of a corporation that sold property of debtors, a married couple who filed a chapter 13, challenged an order of the Bankruptcy Court for the District of Arizona granting summary judgment to the chapter 13 trustee on a claim to avoid transfer of the property to defendants, including appellants and others, and holding said parties jointly and severally liable for the proceeds thereof per 11 U.S.C.S. § 550(a)(1).
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Sanders v. Quan Ky Hang (In re Hoa Ky Hang)
Aug
16
2007
Ruling
Contstructive trust imposed on house purchased by debtor's son with proceeds of sale of house preferentially transferred to him by debtor.
Procedural posture
Plaintiff, the chapter 7 trustee, sought to avoid the transfer of the debtor's former residence and the proceeds from the refinancing and sale thereof, pursuant to 11 U.S.C. § 544(b), to impose liability upon the defendant transferee, the debtor's son, under 11 U.S.C. § 550. The son's defense was that he gave reasonably equivalent consideration in exchange for the transfer.
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Broadway Advisors LLC v. Hipro Elecs. Inc. (In re Gruppo Antico Inc.)
Feb
07
2007
Ruling
"Mere conduit" defense to avoidance applied to entity that forwarded debtor's payments to the company it serviced.
Procedural posture
Defendant filed a motion for judgment on the pleadings in chapter 11 debtor's adversary proceeding, which alleged that transfers made by debtor to defendant within 90 days prior to the bankruptcy petition date were avoidable as preferences pursuant to 11 U.S.C. §§ 547(b) and 550.
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Bakst v. Sawran (In re Sawran)
Jan
10
2007
Ruling
Recovery of preferential payments from subsequent transferors allowed solely to the extent of postpetition payments to debtor.
Procedural posture
The debtor filed for relief under chapter 7. The trustee was granted a judgment on the pleadings for a preferential transfer that the debtor made to the father. The trustee filed a subsequent action to recapture money that the father had transferred to defendants, a son and daughter-in-law, and a daughter, as subsequent transferees under 11 U.S.C. § 550(a). The court issued findings and conclusions.
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- 11 U.S.C.
Boyer v. Belavilas
Jan
05
2007
Ruling
Transfer of insurance proceeds to minor childrens'trust and then to entities controlled by debtor was recoverable.
Procedural posture
Appellants, a mother and two minor children, appealed from the District Court for the Northern District of Indiana, which affirmed the bankruptcy judge's order holding making the mother, father, and children jointly and severally responsible for paying $183,130 to the bankruptcy estate from custodial accounts established under the Uniform Transfers to Minors Act ("UTMA"). Appellee trustee opposed the appeal.
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- 11 U.S.C.
Kendall v. Carbatt (In re Carbatt)
Dec
19
2006
Ruling
Transfer of marital home to former spouse for reasonably equivalent value was not avoidable nor was subsequent transfer from former spouse to her mother.
Procedural posture
Chapter 7 trustee sought to avoid the prepetition transfer by debtor to defendant ex-wife of his interest in their family home and in an unsecured promissory note pursuant to 11 U.S.C. §§ 548(a) and 544(b). He also sought to recover the transfers or their value from the wife pursuant to 11 U.S.C. § 550(a)(1) and with respect to his interest in the house, from defendant, the wife's mother, as a subsequent transferee pursuant to section 550(a)(2).
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- 11 U.S.C.
Takena USA LLC v. Fisher
Aug
31
2006
Ruling
Bankruptcy court properly appointed receiver in case involving allegedly fraudulent transfers of intangible assets.
Procedural posture
Appellee chapter 7 trustee filed an application in the bankruptcy court for appointment of a receiver to monitor the operations of appellant, the purchaser of assets that had belonged to a chapter 7 debtor. The bankruptcy court granted the application and waived the bond requirement under 735 Ill. Comp. Stat. 5/2-415(a). The purchaser appealed.
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In re Spencer
Jun
27
2006
Ruling
Trustee's motion for turnover was granted since debtors were liable to estate for transfer of estate assets resulting from postpetition honoring of prepetition checks.
Procedural posture
Movant bankruptcy trustee sought an order requiring debtors to turn over funds that, the trustee alleged, remained in their bank accounts on the date of their bankruptcy petition. Debtors objected that they had written checks or otherwise committed the funds prior to filing their petition and were under no duty to turn over the funds to the trustee because the trustee had authority to recover the funds from the various payees.
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Enron Corp. v. Intl Fin. Corp. (In re Enron Corp.)
May
18
2006
Ruling
Complaint against mediate transferees to avoid certain transactions and recover the assets was dismissed because the debtors had to first seek to avoid transfers to the initial transferee.
Procedural posture
Plaintiffs, reorganized debtors, commenced an adversary proceeding against defendant mediate transferees to avoid certain transactions, pursuant to 11 U.S.C. § 548, to recover the assets that were transferred pursuant to 11 U.S.C. § 550(a). The mediate transferees filed a motion to dismiss.
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- 11 U.S.C.
Schechter v. 5841 Bldg. Corp. (In re Hansen)
May
12
2006
Ruling
President of a corporate transferee of debtor payments was granted summary judgment on fraudulent transfer claim since the president was not the "initial transferee" and did not benefit from the transfer.
Procedural posture
Plaintiff, the chapter 7 trustee, filed an adversary proceeding under 11 U.S.C. § 548 against defendants, a corporation that was the transferee of debtor's payments, the subsequent recipient of the payments, and the president of both of those entities, to recover debtor's payments as fraudulent transfers. Following the close of discovery, the entities' president moved for summary judgment.
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