Avoidance - Mortgage transfer was made on account of antecedent debt in part for purposes of preferential transfer claim. A mortgage in the amount of $30,000 that was given in favor of the attorney who represented a debtor in state-court litigation was made on account of an antecedent debt with respect to the $20,913.75 in legal services that the attorney had performed as of the date of the mortgage transaction, for purposes of the Chapter 7 trustee's preferential transfer claim. The remaining $9,086.25 of the mortgage transfer, however, was not made on account of an antecedent debt, but, rather, constituted new value. It thus was not subject to avoidance.
Saturday, December 8, 2007
In re Goss
Posted by Rachel Lynn Foley at 8:25 PM
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