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New Cases For the Week of April 15, 2002 - April
19, 2002
Brought to you by BKINFORMATION.COM
- The Source for Business Bankruptcy Information on the Internet
April
18, 2002
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Case
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Court
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Holding
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US
v. Craft
(DBN Subscription Required) |
US Sup.
Ct. |
For
purposes of the federal tax lien statute, Congress intended
the statute to reach every property right a taxpayer might
have. The absence of a taxpayer's right to unilaterally
alienate property without the consent of others is not
dispositive of whether the taxpayer has a lienable interest in
the property. The fact that State law does not allow creditors
to reach tenancy by the entireties property does not determine
whether the subject property is lienable for federal purposes. |
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April
16, 2002
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Case
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Court
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Holding
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In
re Sallee
(DBN Subscription Required) |
6th Cir. |
Because
applicable State law provides that a duty to disclose can
arise from a partial disclosure of relevant information to a
counter party, the bankruptcy court did not err in finding
that a creditor bank (which disclosed one, but not all of the
appraisals on the collateral) defrauded the debtor borrowers,
even in the absence of a fiduciary relationship.
Moreover, there was no error in the finding that prior
releases did not extinguish the fraud claims, as the bank
defrauded the debtors into signing the releases. The
court did err though in its calculation of damages requiring
remand for recalculation of actual and punitive damages |
| In
re Armstrong |
8th
Cir. |
The
bankruptcy court did not err in finding that a debtor's
prepetition cash transfers to a casino for gambling were made
with the actual intent to defraud creditors. However,
the court did err in finding that the casino was protected
from fraudulent transfer liability by the the good faith safe
harbor of 11 USC 548(c), since the casino failed to adequately
investigate the financial worthiness of the debtor. |
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