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New Cases For the Week of June 30, 2008 - July 4, 2008
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Click here to search prior New Opinion summaries.
| July 3, 2008 |
Case |
Court |
Holding |
In re Sheffield
(DBN Subscription Required) |
Bankr. S.D. Tx. |
A holder of a Texas transfer tax lien does not hold a "tax claim" within the meaning 11 U.S.C. 511. A transfer tax lien is created by statute when a third party pays a debtor's proeprty tax pursuant to a contractual agreement with the debtor. Upon payment of the tax the State transfers the tax lien to the third party/lender. However, because the tax claim itseld has been paid, the holder of the transfer tax lien does not hold a "tax claim." |
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| July 2, 2008 |
Case |
Court |
Holding |
Donell v. Kowell
(DBN Subscription Required) |
9th Cir. |
An innocent investor in a Ponzi scheme is not entitled to a credit against his constructive fraudulent transfer liability on account of income taxes he paid on the profits received from the Ponzi scheme. |
In re Taylor
(DBN Subscription Required) |
9th Cir. BAP |
A purchase money lien perfected 21 days after the debtor received the collateral was avoidable even though applicable State law contained an additional 20-day relation back provision.
Where a trustee avoided a creditor's late-perfected security interest, the bankruptcy court did not err in fashioning a remedy that preserved the security interest as between the individual debtors and the creditor, but ordered the creditor to pay the estate the petition-date value of the collateral. |
In re Lee
(DBN Subscription Required) |
6th Cir. |
The bankruptcy court erred in holding that the earmarking doctrine provides refuge from preference exposure for a late-perfecting mortgage creditor which had refinanced the debtor's home loan.
The earmarking doctrine only applies when the subject transfer is to a new creditor, not to the same creditor that was the transferor. A refinancing is multiple transactions, not a unitary transaction. |
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| July 1, 2008 |
Case |
Court |
Holding |
In re: American Home Mortgage Holdings, Inc.
(DBN Subscription Required) |
Bankr. DE |
Although the debtor lacked standing in an adversary proceeding regarding claims by special purpose securitization entities against a swap counterparty, the bankruptcy court had related to jurisdiction over the matter, and would not abstain. |
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