Angell v. Ray J. Pennington Inc. (In re Partitions Plus of Wilmington Inc.)

Pre 2005-Act: 
Pre 2005-Act
Ruling: 
Transfer was not avoidable due to applicability of contemporaneous exchange for new value defense.
Procedural posture: 
Plaintiff chapter 7 Trustee filed an adversary proceeding against defendant creditor seeking to avoid a transfer from the debtor as preferential. The creditor had worked as a subcontractor for the debtor. The creditor asserted, inter alia, that the payments could not be avoided because they were a contemporaneous exchange for new value given to the debtor under 11 U.S.C.S. § 547(c)(1). Both parties filed summary judgment motions.
Issue: 
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Commercial case opionion summary, case decided on March 20,2008, LexisNexis #0808-067