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Full-Text Articles in Estates and Trusts
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Michigan Law Review
Husband (H) and wife (W) executed joint, unsecured promissory notes to each of two creditors, a realty company, and a bank. H, in default on both notes, filed a voluntary petition in bankruptcy. The petition listed both noteholders as creditors; in addition, the schedule of assets noted that an interest in an estate by the entirety held by the bankrupt was not an asset of the bankrupt estate, since under state law it was not subject to the claims of creditors of only one spouse. After the first meeting of creditors, an order of discharge …
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Michigan Law Review
It is well-settled that a trustee in bankruptcy must use due diligence in collecting the assets of the bankrupt estate, and that he will be charged with the value of assets lost by a failure to discharge this duty. A difficult problem arises, however, where the bankrupt has converted and wasted estate assets, and subsequently acquires sufficient non-estate assets to equal the value of the assets converted. If there is a method whereby the trustee can obtain restitution for the loss to the estate, he must use due diligence to collect the claim for the benefit of creditors, or be …