Bankruptcy Law Commons^™

Secured Transactions - What Floats Can Be Sunk, Jack B. Justice

Villanova Law Review (1956 - )

No abstract provided.

Prudent Planning Or Fraudulent Transfer? The Use Of Nonexempt Assets To Purchase Or Improve Exempt Property On The Eve Of Bankruptcy, Alan N. Resnick

Hofstra Law Faculty Scholarship

The debt collection process in Anglo-American law is based on the creditor's right to receive payment from liquidation of the debtor's assets. Judicial procedures are available to the unsecured creditor for the purpose of converting the debtor's assets to cash. Whenever the debtor's matured liabilities are greater than his assets, the collection process may be characterized as one of "grab law" in which the first creditors to take the debtor's assets succeed in effectuating collection.

It is an economic necessity for creditors to have an efficient collection mechanism which gives them maximum protection in the event of default by the …

Recent Decisions, Kate Eyler, Margaret H. Young, B. Rowland Heyward, Gary I. Christian

Vanderbilt Journal of Transnational Law

Recent Decisions Immigration--Entry Resident Alien Who Makes Brief Visit Outside the Country is Deportable if He Reenters United States at an Unauthorized Location while Aiding Illegal Aliens to Enter

Kate Eyler

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International Banking--Bankruptcy--When Foreign Law Prohibits a Foreign Banking Corporation from Supplying Required Creditors List, Chapter XI Petition Should Not be Dismissed as Inherently Defective

Margaret Helen Young

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The instant case represents a change in long-standing ICC policy at once consistent with its statutory groundwork, yet with potentially drastic economic impact. In the final analysis, the issues were whether the subsequent legislation represented a congressional expression of its …

Procedure And Rehabilitation Under Chapter Xii Of The Bankruptcy Act

Washington and Lee Law Review

No abstract provided.

Cy Pres Powers Of The Federal Bankruptcy Courts - New Hope For Financially Distressed Charities?, George B. Reese

Fordham Urban Law Journal

During times of economic turmoil, certain private charitable institutions operating in urban areas often face financial problems. In the past, these institutions - hospitals, community service centers, and the like - were partially reimbursed by government welfare funds for their "public services" expenditures. But as the pressures on municipal budgets have increased, these reimbursements become delayed, and sometimes uncertain. A charitable corporation contemplating a petition in bankruptcy might wish to seek cy pres relief from the bankruptcy court. Cy pres, a common feature of state law, provides that a gift in trust or otherwise which is determined to have been …

Note: Secured Creditors In Wage Earner Proceedings: Interpreting The Validity Of Bankruptcy Rule 13-307(D), Jane E. Finkel

Fordham Urban Law Journal

On October 1, 1973 the Supreme Court promulgated rules prescribing the practice and procedure to be followed in cases and proceedings governed by Chapters I-VII and Chapter XIII of the Bankruptcy Act. The procedural changes are extensive, permeating every stage of straight bankruptcy and Chapter XIII Wage Earner proceedings. One of the more important rules is Bankruptcy Rule 13-307(d), which deals with claims of secured creditors in Wage Earner proceedings under Chapter XIII. Secured creditors have challenged the validity of Rule 13-307(d), claiming that the rule modifies the secured party's substantive right to full recovery of the contract price. Thus, …

Recent Developments, Various Editors

Villanova Law Review (1956 - )

No abstract provided.

Baankruptcy-Usury-Plaintiff's Claim For Compound Interest Ruled Usurious; Simple Interest Disallowed To Give Effect To State's Deterrence Policy, Gerald Bohm

Fordham Urban Law Journal

Usury is the charging of interest for the use of money as a rate in excess of that permitted by statute. The Bankruptcy Act allows the trustee-in-bankruptcy to plead the defense of usury to a creditor's claim. A debtor-in-possession in a Chapter XI proceeding, who has all the rights and powers of the trustee, may also assert the defense of usury. There is, however, no federal usury statute and the Bankruptcy Act defines neither usury nor its effect. To resolve the usury issue the bankruptcy court has to look to the law of the jurisdiction in which the loan arose. …

Municipal Bankruptcy Under The 1976 Amendments To Chapter Ix Of The Bankruptcy Act, Kenneth W. Bond

Fordham Urban Law Journal

This articles examines the new Chapter IX of the Bankruptcy Act, particularly its effectiveness in providing insolvent or financially distressed municipalities with a simpler and more efficient method of obtaining financial relief. The articles discusses the differences under the new Chapter IX as compared to the old Chapter IX and argues that the new Chapter IX, although not designed to accomplish more than its predecessor, is a better tool for financially distressed municipalities because it simplifies the bankruptcy process while increasing the changes of a successful reorganization of debt.

The Cost Of Realization By A Secured Creditor In Bankruptcy, J. Hobson Presley, Jr.

Vanderbilt Law Review

In October 1974, business failures increased by eighteen percent, reaching the highest level in any month since March 1971. The number of business failures for that month was the highest in eighty years.' As creditors seek to realize on their security interests, and encounter the problem of who should bear the expense incurred, they may discover that the term "secured" does not adequately describe the ability to recover advances made to the bankrupt debtor. Despite the confusing state of the law in this area, the increasingly inordinate expense of foreclosure in bankruptcy, and the pressures of the current economy, the …

Baker V. Gold Seal Liquors, Inc.: Railroad -Reorganization And The Availability Of Setoff Under The Bankruptcy Act

Washington and Lee Law Review

No abstract provided.

Beyond Contempt: Obligors To Injunctions, Doug R. Rendleman

Faculty Publications

No abstract provided.

Enforceability Of A Lease Termination Clause In Proceedings Under Bankruptcy Act, Chapter Xi

William & Mary Law Review

No abstract provided.

Feasibility In Chapter X Reorganizations, David R. King

Villanova Law Review (1956 - )

No abstract provided.

Title To Property: The Income Tax Refund Check As An Asset Of The Wage Earner's Bankruptcy Estate, Michael B. Colgan

Kentucky Law Journal

No abstract provided.

The Compelling Federal Interests Of § 67d Of The Bankruptcy Act As Invalidating The Tenancy By The Entirety

Washington and Lee Law Review

No abstract provided.

Bankruptcy - Title To Property - Personal Bankrupt's Income Tax Refund Passes To Trustee As Part Of Estate, Garry Paul Jerome

Villanova Law Review (1956 - )

No abstract provided.

United States V. Kras, Lewis F. Powell Jr.

Supreme Court Case Files

No abstract provided.

Marks V. Brucker: The Bankrupt's Right To Settle Claims With After-Acquired Assets, Thomas J. Brannan

Indiana Law Journal

No abstract provided.

Defending Deficiency Judgment Suits In Kentucky: Article Nine, Part 5 Of The Uniform Commercial Code, James A. Harris Jr.

Kentucky Law Journal

No abstract provided.

Section 60c Of The Bankruptcy Act: Inadequate Protection For The Running Account Creditor, E. Hunter Taylor, Jr.

Vanderbilt Law Review

Although the unsecured creditor long has occupied a precarious position, the widespread passage of article 9 of the Uniform Commercial Code has created additional perils for him by making virtually all of his debtor's assets available to a secured lender.' The Bankruptcy Act, while not so one-sided, also contains snares and pitfalls for the unsecured creditor. One potential trap is contained in the seemingly straightforward declaration of section 60c... This article focuses upon, and proposes a means for the elimination of, the unnecessary paradoxes implicit in section 60c's treatment of an unsecured creditor who extends continuing credit to a debtor …

Case Comments--International Law--Corporations--State Denied Standing To Sue For Injury, Journal Staff

Vanderbilt Journal of Transnational Law

The Barcelona Traction, Light and Power Company, Ltd.,(hereinafter referred to as Barcelona Traction) was incorporated under Canadian law in 1911 with its main office in Toronto. Several subsidiaries were formed, all under Canadian law, to develop, produce, and distribute electric power in the vicinity of Catalonia, Spain. To finance these operations, the company issued both peseta and sterling bonds, the shares in some of the subsidiaries providing security to a Canadian bank for the sterling bonds. Revenue produced by the subsidiaries from their operations in Spain was used to service the bond interest. Servicing was suspended for the duration of …

Use Of Marshaling To Defeat Trustee In Bankruptcy: Equity Misapplied, James P. Mulroy

Indiana Law Journal

No abstract provided.

Bankruptcy: Enjoining Employers From Discharging Employees Because Of Chapter Xiii Wage Deduction Order, Kenneth Gleason

San Diego Law Review

Section 658 of the Bankruptcy Act authorizes issuance of wage deduction orders and enforcement of such orders "in the manner provided for the enforcement of judgments." Thus, if the debtor's employer were to resist the order, the court could levy execution upon the debtor's wages. It would not be necessary to go beyond section 658 to find permission for execution. However, the injunction in Jackson goes beyond mere enforcement of an order. In effect, it preserves the debtor's future earnings upon which the Chapter XIII plan depends. With his income thus preserved, the basis is provided for later support of …

Proceeding Under The Uniform Commercial Code, David G. Epstein

Law Faculty Publications

The Uniform Commercial Code is the "most important piece of business legislation ever prepared in the United States .... " "Article 9 is the most novel and probably the most important article in the Code." "The greatest change under the Code will probably come about in due time because of the so-called 'floating lien' "made possible in part by the Code's proceeds provision, section 9-306. The proceeds provision represents an innovation significant to both debtors and creditors. For example, in order to carry on his business, the borrower who avails himself of inventory financing often desires some right to dispose …

Bankruptcy: Enforcing A Chapter Xiii Wage Earner's Plan Over The Objection Of A Secured Creditor, Donald Bolles

San Diego Law Review

As part of a petition under Chapter XIII of the Bankruptcy Act, Edward Cheetham submitted a wage earner’s plan to a referee in bankruptcy. Although Universal C.I.T. Credit Corp. [hereinafter referred to as C.I.T.] was listed as a secured creditor in Cheetham’s plan, no further mention was made of the corporation. C.I.T. rejected the plan and proposed to take back its security, an automobile in Cheetham’s possession. The referee confirmed the plan over C.I.T.’s objection and denied C.I.T.’s petition for reclamation. Upon appeal, the district court reversed on the grounds that C.I.T.’s acceptance was a condition precedent to proper confirmation …

Recent Cases, Law Review Staff

Vanderbilt Law Review

Bankruptcy--Transfers--Drawee Bank Not Liable for Payment of Depositor's Check After His Voluntary Petition in Bankruptcy Where Notice Is Not Given to Bank

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Constitutional Law--States Must Apply Federal Harmless--Error Standard to Federal Constitutional Error

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Juvenile Courts--Juveniles in Delinquency Proceedings Accorded Same Rights as Adults in Criminal Trials

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Taxation--Federal Income Taxation--Section 267 of the IRC Applies to Involuntary Sale

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Torts--Right of Privacy--Rule of New York Times v. Sullivan Extended to Actions for Invasion of Privacy

The Uniform Commercial Code V. The Bankruptcy Act, Robert M. Viles

Kentucky Law Journal

No abstract provided.

Statutory Liens--1966 Amendment Of Section 67 Of The Bankruptcy Act, Lawrence P. King

Kentucky Law Journal

No abstract provided.

An Analysis Of Kentucky's New Exemption Law, Joe Lee

Kentucky Law Journal

No abstract provided.