Reported at 61 B.R. 696. The court granted the bank’s motion for relief from stay because debtors had no equity in the mortgaged property and no likelihood of an effective reorganization. Even if reorganization were feasible, the adequate protection offer was insufficient.
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Opinions
United States Courts Opinions (USCOURTS) collection is a collaborative effort between the U.S. Government Publishing Office (GPO) and the Administrative Office of the United States Courts (AOUSC) to provide public access to opinions from selected United States appellate, district, and bankruptcy courts.
The District of Nebraska offers a database of opinions for the years 1997 to current, listed by year and judge. For a more detailed search, enter the keyword or case number in the search box above.
Plaintiffs sold their business & assigned the premises lease to debtors. Upon default, debtors settled with the landlord. Plaintiffs did not record the lease or otherwise maintain a security interest in it, so they had no right to the settlement monies
Reported at 62 B.R. 744. When a debtor is not in default pre-petition, a mortgage creditor cannot rely upon post-petition "defaults" to justify perfecting a security interest in rents and profits and obtain an order sequestering such rents and profits.
When a debtor is not in default pre-petition, a mortgage creditor cannot rely upon post-petition "defaults" to justify perfecting a security interest in rents and profits and obtain an order sequestering such rents and profits
In light of the confusion regarding removal statutes after the 1984 amendments to the Bankruptcy Reform Act were enacted, the court ruled that applications to remove a state court action to federal court may be filed directly with the bankruptcy court
Cause existed to grant stay relief to a creditor to obtain a state court judgment against the debtor, as Nebraska law prohibited the creditor from getting a judgment against an individual partner unless it first had a judgment against the partnership
Debtor's lease of irrigation equipment was held to be a true lease, and the lessor was entitled to an administrative expense claim for the rent & "use value" of the property – but not interest on the delinquent rent – until the lease was assumed or reject
Under § 553 and Nebraska law, an insurance broker holding unearned premiums to be refunded to the debtor/insured may recoup and set off those funds against amounts owed to it by the debtor. Any excess funds should be turned over to the bankruptcy trustee
Although seeing little likelihood of successful reorganization, the court ordered adequate protection payments while debtor prepared a plan & disclosure statement. The court denied, for lack of evidence, lender's claim for lost opportunity costs
The bankruptcy court dismissed for lack of jurisdiction the debtor-plaintiff's attempt to collaterally attack pre-petition state court proceedings which resulted in the debtor being removed from real property that had been sold at a sheriff's sale