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New Cases For the Week of September 16, 2002
- September 20, 2002
Brought to you by BKINFORMATION.COM
- The Source for Business Bankruptcy Information on the Internet
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September
18, 2002
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Case
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Court
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Holding
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In
re Paine
(DBN Subscription Required) |
9th
Cir. BAP |
Most
final judgments of
nondischargeability rendered
by bankruptcy courts, even if
erroneous, are preclusive in
subsequent bankruptcy cases |
In
re Arneson
(DBN Subscription Required) |
9th
Cir. BAP |
When
an underlying bankruptcy case
was dismissed, it is up to the
parties to request vacatur in
the original appeal and that
the judgment retains claim
preclusion value unless and
until actually vacated.
Accordingly, a judgment
creditor was granted relief
form stay to pursue enforced
collection of a judgment of
nondischargability entered in
a prior nondischargability
action which was dismissed on
appeal when the underlying
main case was dismissed. |
Shelby
County State Bank v. Van Diest
(DBN Subscription Required) |
7th
Cir. |
It
would be bizarre as a
commercial matter to claim a
lien in everything, and then
to describe in detail only a
smaller part of that whole. |
In
re Stewart
(DBN Subscription Required) |
8th
Cir. BAP |
The
contemporaneous exchange and
the ordinary course of
business defenses were not
available to shelter the
avoidance of the transfers
made by two cashier’s
checks. |
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September
17, 2002
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Case
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Court
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Holding
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In
re PWS Corp.
(DBN Subscription Required) |
3rd
Cir. |
Although
State law arguably treated
State fraudulent transfer
claims as direct claims of
creditors (as opposed to
derivative claims of a
debtor), the Bankruptcy Code
places the DIP or trustee in
the position of administering
such claims during a
bankruptcy. Accordingly,
where the confirmed plan
extinguished such claims, the
bankruptcy court did not err
in issuing an injunction
against a creditor barring
further prosecution of such
claims. |
In
re Rousey
(DBN Subscription Required) |
8th
Cir. BAP |
The
debtors' rollover IRAs were
not exempt under 11 USC
522(d)(10)(e). Although
the IRAs were compliant with
IRS regulations, the debtors
had unfettered access to the
accounts. Section
522(d)(10)(e) does not protect
all IRS-compliant IRAs, only
those that satisfy the other
requirements of the
statute. Specifically,
the IRA must be
"similar" to a
pension plan. In
addition, it must be "on
account of illness,
disability, death, age or
length of service." The
subject IRAs, made in the form
of a bank account from which
the debtors could withdraw
funds before retirement, did
not qualify. |
In
re: Kenneth Allen Knight
Trust,
(DBN Subscription Required) |
6th
Cir. |
The
bankruptcy court did not err
in finding that a trust was a
business trust and thus
entitled to bankruptcy
protection |
In
re Trism Inc.
(DBN Subscription Required) |
8th
Cir. BAP |
The
bankruptcy court erred in
approving a compromise
pursuant to Federal Rule of
Bankruptcy Procedure 9019
while sustaining an objection
to such compromise. |
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