Markus, In re

Trust assets and proceeds from sale of Chapter 15 debtor’s estate could be turned over toforeign representative. (Bankr. S.D.N.Y.)HOLDINGS [1]-Where the Foreign Representative sought turnover of Chapter 15 debtor's assets in theU.S., including a New York revocable trust, Russian law permitted the Foreign Representative to exercisewhatever rights debtor had with respect to the trust; [2]-The Foreign Representative had the authority torevoke the trust and administer its assets, and no order from the court or from the Russian court wasrequired for the Foreign Representative to revoke the trust; [3]-The Foreign Representative complied withNew York law in exercising debtor's rights as settlor to terminate or revoke the trust under N.Y. Est.Powers & Trusts Law § 7-1.17(b) by executing a revocation document that was witnessed by two persons;[4]-11 U.S.C. § 1521(a) permitted the turnover of the trust assets and proceeds from the sale of Londonproperty held in a New York account.Markus, In re, 2019 Bankr. LEXIS 3324 (Bankr. S.D.N.Y. October 23, 2019) (Glenn, B.J.).