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ABI Journal

2nd Circuit

Default Rates Imposed Before Filing Must Be Cured to Assume a Loan Agreement

Monetary defaults, including default rates and fees, must be cured before a debtor may assume a loan agreement, New York’s Judge Bentley rules.

2nd Circuit
New York
New York Southern District

A Contract to Produce a TV Series Wasn’t a Personal Services Contract

Contracts with corporations aren’t likely to be personal services contracts.

2nd Circuit
New York
New York Southern District

Connecticut Supreme Court: Increased Homestead Exemption Applies to Existing Debts

Even under an unfavorable choice of law, a debtor in Connecticut was allowed to enjoy the state’s new $250,000 homestead exemption, even though her debts had accrued before the increase went into effect.

2nd Circuit
Connecticut

Eligibility for Subchapter V Is Liberal, but Not Wide Open

Courts are split on whether the debt providing eligibility for Sub V must have arisen from a business that was active on the filing date.

2nd Circuit
New York
New York Northern District

Trustee Admonished for Filing Suit Reflecting a ‘Disturbing Lack of Judgment’

Providing an adult child with room and board in the family home is not a fraudulent transfer.

2nd Circuit
New York
New York Eastern District

Second Circuit Reverses, Reinstates Purdue’s Nondebtor, Third-Party Releases

The concurring opinion, which is really a dissent, urges the Supreme Court to grant certiorari and resolve the split of circuits on nondebtor releases.

2nd Circuit

Lack of a Common Plan or Scheme Means It Isn’t Single Asset Real Estate

A two-story commercial condominium wasn’t ‘single asset real estate,’ Judge Mastando holds.

2nd Circuit
New York
New York Southern District

New York Court Holds: Claims for Electricity Don’t Get Priority Under Section 503(b)(9)

Courts are divided on whether electricity supplied within 20 days of bankruptcy gives rise to an administrative priority claim.

2nd Circuit
New York
New York Southern District

Section 546(g)'s Safe Harbor Doesn’t Apply in an Assignment for the Benefit of Creditors

A federal district judge in New York holds that the safe harbor in Section 546(g) doesn’t preempt state fraudulent transfer laws.

2nd Circuit
New York
New York Southern District

Lack of Reliance on Representation Isn’t a Defense to a Constructive Fraudulent Transfer

Damages for a constructively fraudulent transfer were the difference between what the buyer paid and what the business was really worth, based on accurate income and expenses.

2nd Circuit
New York
New York Eastern District
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