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Bankruptcy Outline: Establishing Priority

Establishing Priority—priority claims are also charted on eternal triangle
1. First in time is first in right–But the question is first WHAT?
2. Priority goes to the first to get a LEVY on the property
3. Execution lienis created by levying

UCC 2-403 Explanation: Alternate BFP argument

UCC 2-403: Alternate BFPargument.
1. When a seller retains interest in property not because he wants the property back but to secure against nonpayment of the debt, it is a secured transaction rather than the retention of title
2. Docar =

11 USC section 548(a)(1)

11 USC §548(a)(1) : adopted from the Uniform Fraudulent Transfer Act (UFTA applies outside bankruptcy, UFTA and §548 apply in bankruptcy) Fraudulent Transfers and Obligations
1. (a) (1) The trustee may avoid any transfer (including any transfer to or

Bankruptcy Outline: Assignment of Rights

Assignment of Rights:
1. Seller sells goods in return for buyers promise to pay over time: an installment K. This property right, the installment K, can be sold to the 3^rd party (bank, finance company, mfg. co., etc.)

Duties of the Trustee, Debtor in Possession and Attorney

Trustee, DIP and Atty duties
Section 323(a) of the Code states that a trusteein a bankruptcy case “is the representative of the estate.”
1. Trustee appointed by US Trustee, but creditors can also elect.
Section 1107(a) of the Code gives

Bankruptcy Jurisdiction

Getting into Bankruptcy/Jurisdiction
1. §109
  1. (a) Only a person that resides or has a domicile, a place of business, or propertyin the United States, or a municipality, may be a debtor
    1. Applies to all chapters
  2. (b) §101

Depetris v. Warnock Case Brief

Depetris v. Warnock Case Brief (NY 2000)

Thief steals D’s watch and sells to pawnbroker. PB sells to Plaintiff. Plaintiff gives the watch to police for evidence in thief’s trial. Police give the watch back to D. P sues.
UCC

Everett v. Perez

Everett v. Perez (Kozinskiopinion)
1. Perez owned a couple franchise taco joints. Everett hired to remodel one. P couldn’t pay, so filed bankruptcy.
2. Got a plan confirmed via cramdown. Claim was for 40k, but aggrieved creditor would

Wheeler Case: Bankruptcy

Wheeler case—
1. Debtor gets discharge, but later charged for bankruptcy fraud. For not including all assets. D sues atty who represented him.
2. Malpractice claim becomes property of the estate because the actions giving rise to malpractice claim occurred

Nat’l Westminster Bank NJ v. Anders Engineering Inc. Case Brief

Nat’l Westminster Bank NJ v. Anders Engineering Inc. Case Brief
1. E&KAnders (for debt forgiveness of individual debt of E). AndersChaj (for 55k). Creditor of E&K sues A and C—alleged innocent parties.
2. Holding 1: An insolvent pship (E&K) transfer to a

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