New Cases For the Week of May 28, 2001 - June 1, 2001

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June 1, 2001

Case

Court

Holding

In re Bean
(DBN Subscription Required)
2d Cir. When a debtor improperly sells real property for fair value during a Chapter 7 case, but promptly remits  the net proceeds to the trustee, the trustee cannot thereafter sue the purchaser for the value of the property, since, under 11 USC 550(d), the the trustee is entitled to a "single satisfaction," which he has already received vis-a-vis the debtor's remittance of the net proceeds. 
In re Pond
(DBN Subscription Required)
 2d Cir. A Chapter 13 debtor can void a wholly unsecured lien on his primary residence.
 
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