Bankruptcy court erred in disallowing claim for prepayment penalties based on standards for priority rather than allowability.
Procedural posture
At issue was a commercial lender's right to receive a bargained-for prepayment penalty from a solvent debtor. Defendant creditor sought review of a decision of the District Court for the District of Rhode Island, which held that 11 U.S.C. § 506(b) governed and that it could recover prepayment penalties only if they were reasonable; it further affirmed a bankruptcy court's determination that they were not.
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UPS Cap. Bus. Credit v. Gencarelli (In re Gencarelli)
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Court
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Judge or Jurisdiction information not available
opinion summary, case decided on
August 30, 2007
, LexisNexis #0907-128
Sale of debtor's legal malpractice claim was proper.
Procedural posture
Defendant debtor sought review of a judgment from the District Court for the Eastern District of Kentucky affirming the bankruptcy court's order in an adversary proceeding filed by plaintiff attorney, the debtor's former counsel, which permanently enjoined the debtor from prosecuting a state legal malpractice claim against the attorney.
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Parker v. Goodman (In re Parker)
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Court
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Judge or Jurisdiction information not available
opinion summary, case decided on
August 28, 2007
, LexisNexis #0907-127
Creditor's postpetition repossession of truck violated stay.
Procedural posture
Defendant creditor sought review of the merits portion of a decision of the Bankruptcy Appellate Panel ("BAP"), which affirmed a bankruptcy court's determination that it willfully violated the automatic stay of 11 U.S.C. § 362 by repossessing a pickup truck after plaintiff debtors filed a chapter 13 bankruptcy petition.
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Johnson v. Smith (In re Johnson)
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Court
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Judge or Jurisdiction information not available
opinion summary, case decided on
August 28, 2007
, LexisNexis #0907-108
Denial of discharge reversed and remanded due to reasonable question of fact regarding debtor's intent.
Procedural posture
Appellant debtor appealed the final judgment of the District Court for the District of Maryland affirming the decision of the bankruptcy court. By its opinion, the bankruptcy court denied the debtor's discharge petition and awarded summary judgment to a creditor.
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Mercantile Peninsula Bank v. French (In re French)
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opinion summary, case decided on
August 27, 2007
, LexisNexis #0907-138
Assumption and assignement of executory contract denied where proposed assignee could not give adequate assurance of performance of material terms.
Procedural posture
Appellants, grocers, appealed from the order of the District Court for the District of Delaware which affirmed the bankruptcy court's denial of a motion for assumption and assignment of an executory contract in favor of nondebtor contracting party. Debtor was a wholesale supplier of grocery products to supermarkets. The case implicated 11 U.S.C. § 365.
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In re Fleming Cos.
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Court
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opinion summary, case decided on
August 22, 2007
, LexisNexis #0907-093
Intervening chapter 13 filing did not equitably toll six-year waiting period for filing second chapter 7 case.
Procedural posture
Appellant creditor sought review of a judgment of the District Court for the District of Maryland affirming a bankruptcy court order granting summary judgment to appellee debtor in an adversary proceeding that the creditor commenced after the debtor filed a chapter 7 petition. The district court held that 11 U.S.C. § 727(a)(8) did not provide grounds for denying discharge because equitable tolling did not apply to section 727(a)(8).
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Tidewater Fin. Co. v. Williams
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opinion summary, case decided on
August 16, 2007
, LexisNexis #0907-102
Obligation under Mandatory Victims Restitution Act was not subject to homestead exemption.
Procedural posture
The District Court for the District of Massachusetts ruled that defendant bankruptcy debtor's restitution order, imposed in a criminal case, created an entirely new obligation owed to plaintiff United States unaffected by the debtor's homestead exemption and 11 U.S.C. § 522(c), the United States could enforce its garnishment order against sale proceeds of the debtor's home. The debtor appealed the district court's order.
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United States v. Hyde
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opinion summary, case decided on
August 07, 2007
, LexisNexis #0807-130
Debtor could not cure mortgage default after foreclosure sale and before delivery of deed.
Procedural posture
Appellant, a chapter 13 debtor, sought review of a decision from the District Court for the District of New Jersey, which held that the debtor did not have a right under 11 U.S.C. § 1322(c)(1) to cure a default on a mortgage secured by the debtor's principal residence between the time the residence was sold at a foreclosure sale and the time the deed was delivered.
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In re Connors
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opinion summary, case decided on
August 03, 2007
, LexisNexis #0807-139
Employer mandated retirement plan that constituted a trust under state law was not property of the estate.
Procedural posture
Defendant debtors appealed from a decision of the District Court for the Western District of Pennsylvania which reversed the decision of the bankruptcy court that dismissed plaintiff's chapter 7 trustee's adversary proceeding alleging that the debtors' Teacher Insurance and Annuity Association – College Retirement Equities Fund ("TIAA-CREF") retirement annuity was property of the bankruptcy estate.
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Skiba v. Laher (In re Laher)
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opinion summary, case decided on
August 02, 2007
, LexisNexis #0807-134
Creditors'constructive trust arguments regarding debtor's homestead exemption should have been asserted in state court and properly barred by bankruptcy court.
Procedural posture
Appellant siblings, who were referred to as creditors, challenged a decision of the District Court for the District of Massachusetts, which held that their arguments regarding their respective shares in appellee debtor's claimed state homestead exemption under 11 U.S.C. § 522(b) were barred by principles of claim preclusion due to their prior state court claims.
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McGarry v. Chew (In re Chew)
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Court
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Judge or Jurisdiction information not available
opinion summary, case decided on
July 30, 2007
, LexisNexis #0807-129