Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Law
The Case For The Tax Collector, Marie T. Reilly
The Case For The Tax Collector, Marie T. Reilly
Journal Articles
This article considers the question: Is a transfer of property via a noncollusive, properly conducted property tax foreclosure process entitled to respect in bankruptcy against the trustee's fraudulent transfer avoiding power? It answers this question in the affirmative. Part II examines the Court's opinion in BFP v. Resolution Trust Corp. and how courts have applied it in fraudulent transfer challenges to tax foreclosure transfers. Most courts have read BFP as requiring a comparison between the conditions under which the tax foreclosure at issue occurs and mortgage foreclosure. If the tax foreclosure process does not require public sale with competitive bidding, …
Making Sense Of Successor Liability, Marie T. Reilly
Making Sense Of Successor Liability, Marie T. Reilly
Journal Articles
A firm that buys assets from another firm ordinarily does not acquire liability to the seller's creditors simply by buying its assets. This ordinary rule is subject to important exceptions. The buyer's consent triggers an exception. If a buyer agrees to assume the seller's liability to third parties, it is for that reason liable. This article considers a more controversial exception - successor liability. When a court decides that an asset acquirer should be treated as a "successor" to the transferor, it is liable for the transferor's debts as though it were the transferor.
The Latent Efficiency Of Fraudulent Transfer Law, Marie T. Reilly
The Latent Efficiency Of Fraudulent Transfer Law, Marie T. Reilly
Journal Articles
A creditor holding a claim against a debtor typically holds the right, subject to the debtor's default, to obtain a judgment against the debtor, liquidate the debtor's assets, and apply the proceeds against his claim. If the debtor's assets are insufficient to satisfy the creditor's claim, the creditor is usually, but not always, out of luck. Under limited circumstances, a creditor can reach property the debtor transferred to a third party and apply the value of such property to satisfy his claim. The creditor can undo the transfer and obtain the property or its value from the transferee as though …