Rollins v. Neilson (In re Cedar Funding Inc.)

Ruling: 
Bankruptcy court refused to dismiss complaint of investors seeking judicial declaration of an equitable or legal interest in debtor's property.
Procedural posture: 
Plaintiffs, investors in a second deed of trust created through the debtor on a third party's real property, filed an adversary proceeding requesting a judicial declaration that they had either an equitable or a legal interest in the note and deed of trust securing repayment. Defendant, the chapter 11 trustee, moved to dismiss the complaint, asserting the interest was subject to avoidance as a preferential transfer under 11 U.S.C.S. § 547(b).
Issue: 
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Commercial case opionion summary, case decided on October 30,2008, LexisNexis #0209-120