An insurance premium finance company obtained relief from the stay for cause. Premium finance agreements are not covered by Revised U.C.C. Article 9, so a filed financing statement was not necessary to perfect the security interest in unearned premiums.
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There is no prohibition in the Bankruptcy Code against a Chapter 11 small-business debtor filing more than one plan, & no specific language in § 1121 or § 1129 mandating dismissal of the case if the first plan is withdrawn or fails to comply with Title 11
The court denied debtor’s motion to reopen the case because the issue of whether a buyer at a trust deed sale had to pay the difference between his credit bid and the amount of the secured claim to the debtor or the second lien holder was a state law ques
A post-petition increase in the value of property of the bankruptcy estate belongs to the estate, so debtor was required to turn over the number of shares of stock he owned on the petition date for the trustee to administer at the stock’s current value.
The debtor was entitled to summary judgment regarding a $17,000 construction lien against its property. The defendant did not provide evidence of its lien, which was an unsecured claim because the senior lien exceeded the value of the property.
The court denied the trustee’s motion for summary judgment because the issue of whether the debtor or the trustee had the authority to exercise the right to accept or renounce a devise of real estate required findings beyond the scope of the motion.
The debtor signed a signature card on a deposit account with his parents. They did not intend the debtor to be an owner of the account. Because the bank’s documents did not conform to state requirements, the bank was not entitled to set off the account.
A surety’s subrogation rights are superior to the rights of the lender under its security interest and to the contractual right of payment provided for the debtor. The debtor’s surety has the right to the retainage amounts held by the project owner.
Because the Nebraska legislature has opted out of the federal exemption scheme, a debtor may claim exemptions only in property listed in § 522(b)(3). Retirement funds may be exempted under state law per § 522(b)(3(A) as well as under § 522(b)(3)(C).
The court denied the debtors’ request to use cash collateral because the bank was not adequately protected. The projected receipts would barely cover expenses, and there was no additional collateral to protect the bank’s interest against risk.