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Transfer Occurs When Property Is Placed in Escrow or In Custodia Legis
When disbursement depends on subsequent court approval, the transfer still occurs beforehand when the deposit was made in custodia legis.
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Average Lateness and Bucketing Tests Confirm the Ordinary Course Defense
A district judge in Brooklyn applied the two most commonly used tests for the ‘ordinary course’ defense to uphold dismissal of preference complaints.
‘Admin’ Claims for 20-Day Shipments Don’t Offset the New Value Defense, Circuit Says
A shipment received by a debtor within 20 days of filing gives the creditor both an administrative claim and a new value defense to a preference, the Eleventh Circuit says.
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Four Circuits Now Permit Fraudulent Transfer Attacks on Real Estate Tax Foreclosures
Circuit courts are split 4/3 on their interpretation of Supreme Court precedent holding that regularly conducted mortgage foreclosures are immune from fraudulent transfer attack.
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