Jensen v. Eck (In re Steele)

Pre 2005-Act: 
Pre 2005-Act
Ruling: 
Close friend of debtor was not an insider so that transfer to the friend more than 90 days prepetition was not preferential.
Procedural posture: 
Plaintiff bankruptcy trustee brought an adversary proceeding against defendant transferee of payments from a bankruptcy debtor, seeking to set aside the transfers as preferential. The transferee moved to dismiss the proceeding on the ground that the transfers occurred outside the preference period of 11 U.S.C. § 547(b)(4)(B), and the trustee asserted that the period was equitably tolled.
Issue: 
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