New Cases For the Week of October 15, 2001 - October 19, 2001

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October 19, 2001

Case

Court

Holding

In re Commercial Financial Services
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Bankr., N.D. Okla. Section 510(b) of the Bankruptcy Code preempts state constructive trust law.  Asset-backed securities issued in connection with the subject securitizations are "securities" for the purpose of section 510(b).

October 18, 2001

Case

Court

Holding

In re Schmitz
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9th Cir. When a fisherman filed for bankruptcy a year-and-a-half before the Secretary of Commerce promulgated regulations creating post-filing fishing quota rights based on the fisherman's pre-filing catch history the quota rights were not property of the bankruptcy estate because: (1) the regulations did not exist at the time the debtor filed his petition; and (2) although the quota rights were calculated on the basis of the debtor's pre-filing fishing history, they govern his post-filing right to fish.

October 16, 2001

Case

Court

Holding

In re Hill
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9th Cir. BAP A credit card debt on which the debtor's mother is the account debtor is not a debt on which the mother is "liable with" the debtor justifying disparate treatment under 11 USC 1322(b)(1).  The debt owed by the debtor is to her mother, not to the credit card companies.  
In re Markus
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9th Cir. BAP An untimely "adversary proceeding" complaint amends and "relates back" to a timely-filed "contested matter" motion
Spieker v. SPFC Liquidating Trust
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9th Cir. An indenture provision requiring payments due to junior noteholders to be paid to senior noteholders was not an unenforceable ipso facto clause, since the provision applied prepetition as well as postpetition.

October 15, 2001

Case

Court

Holding

In re Maughan
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6th Cir. BAP Unless a request for an extension of time to file a discharge complaint is based on an error of the Bankruptcy Court or clerk's office, the request must be filed before the expiration of the bar date.
 
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