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Turnover Actions And The “Floating Check” Controversy, David R. Hague
Turnover Actions And The “Floating Check” Controversy, David R. Hague
Faculty Articles
When a debtor files for Chapter 7 bankruptcy, a Chapter 7 trustee is appointed and is charged with collecting and reducing to money the property of the bankruptcy estate. One of the most basic collection methods a trustee possesses is its turnover power under § 542(a) of the Bankruptcy Code. Pursuant to § 542(a), an entity in possession, custody, or control, during the bankruptcy case, of property that the trustee may use, sell, or lease, must deliver to the trustee, and account for, such property or the value of such property.
An interesting issue has arisen that is placing debtors …