Antecedent Debt

177 Florida cases classified under this topic · sorted by citation count

• Begier v. Internal Revenue Serv.
  496 U.S. 53· U.S.· 1990-06-04 ·cited 97×
  The Court should deem a trust to have existed from the time of collection or withholding, even if the res was identified later within the preference period, to give effect to the intent of 26 U.S.C. § 7501.
• In re Chase & Sanborn Corp. v. Arab Banking Corp.
  904 F.2d 588· 11th Cir.· 1990-06-27 ·cited 87×
  The court held that the bankruptcy court erred in finding that loan payments were a contemporaneous exchange for new value, making them voidable preferences, and that ABC was the initial transferee of those payments.
• Mayo v. Pioneer Bank & Tr. Co.
  270 F.2d 823· 5th Cir.· 1959-09-30 ·cited 56×
  The court held that the repayment of a loan, even if initially used to create a misleading balance, was not a voidable transfer because the corporate fiction could be disregarded, and the bank acted in good faith. However, a pledge of a contract balance was not perfected under Lo
• Jackson v. The Citizens Bank & Tr. Co.
  53 Fla. 265· Fla.· 1907-01-01 ·cited 41×
  The Florida Supreme Court upheld a jury verdict in favor of the Citizens Bank and Trust Company, rejecting a sheriff's challenge to the validity of a sale of goods by an insolvent debtor to a creditor. The case establishes important principles regarding fraudulent transfers: cred
• Fla. Nat. Bank Tr. Co. v. Brown
  47 So. 2d 748· Fla.· 1949-07-29 ·cited 37×
  The Florida Supreme Court affirmed a lower court decision denying foreclosure on a mortgage given by a mother to her daughter for past services rendered. The court held that services rendered without a pre-existing agreement for compensation do not constitute valuable considerati
• Eureka-Carlisle Co. v. Bankruptcy
  398 F.2d 1015· 10th Cir.· 1968-08-15 ·cited 36×
  The court held that the creditor had reasonable cause to believe the debtor was insolvent when it received preferential payments, and these payments were on an antecedent debt.
• Clark v. Iselin
  21 Wall. 360· U.S.· 1874-10-01 ·cited 35×
  An assignee in bankruptcy challenged various transactions between a bank and bankrupt firms, particularly alleging that a judgment obtained through a confession of judgment and subsequent payments were fraudulent preferences under the Bankruptcy Act. The Supreme Court held that a
• The Farmers Bank OF Clinton v. Vance Julian in Bankruptcy of Roby C. Woody
  383 F.2d 314· 8th Cir.· 1967-08-08 ·cited 32×
  The court held that the Referee's findings invalidating the bank's secured claim under the November 1957 chattel mortgage and subordinating that claim were clearly erroneous. The court also found the Referee's determination that the bank's setoff of the bankrupt's account was a v
• DuBAY v. Everette H. Williams
  417 F.2d 1277· 9th Cir.· 1969-08-20 ·cited 28×
  The court held that a pre-Code security agreement invalid under state law remains invalid even after the UCC's effective date, and that a creditor's perfected security interest in after-acquired accounts receivable, perfected before the four-month preference period, is not a void
• Miles v. Katz
  405 So. 2d 750· Fla. 4th DCA· 1981-10-21 ·cited 26×
  Attorney Miles sought to enforce a charging lien and security interest in litigation proceeds against a competing judgment creditor Boltri. The court held that an attorney's charging lien is superior to judgment liens obtained after the attorney commenced services, and that the s
• D. K. Porter in Bankruptcy of Abe Greenband v. Woodey B. Searle and Edlean E. Searle
  228 F.2d 748· 10th Cir.· 1955-12-19 ·cited 26×
  The court held that the equitable lien acquired by the sellers was not a preferential transfer under the Bankruptcy Act, as amended.
• Am. Viking Contractors, Inc. v. Scribner Equip. Co., Inc.
  745 F.2d 1365· 11th Cir.· 1984-11-05 ·cited 25×
  The court held that summary judgment was proper because the alleged restructuring agreement was too indefinite to be enforceable, and the personal guaranty was for an antecedent debt, thus precluding defenses of failure of consideration, accord and satisfaction, estoppel, and fra
• In re AIR Conditioning v. Leasing Serv. Corp.
  845 F.2d 293· 11th Cir.· 1988-05-17 ·cited 24×
  The court held that the transfer of a certificate of deposit by a debtor to secure a letter of credit for a creditor constitutes a preferential transfer under 11 U.S.C. § 547(b), and the trustee can recover the property from the creditor.
• In re Diamond Door Co. v. Lane-Stanton Lumber Co.
  505 F.2d 1199· 9th Cir.· 1974-10-21 ·cited 24×
  The court held that the summary judgment procedure under Rule 56 is applicable in bankruptcy proceedings, even with a jury demand, and that the debtor's admissions established the elements of a preferential transfer.
• The First Nat'l Bank OF Clinton v. Vance Julian in Bankruptcy of Roby C. Woody
  383 F.2d 329· 8th Cir.· 1967-08-08 ·cited 24×
  The court held that the Referee's findings regarding the Bank's chattel mortgages, the Reserve Account setoff, and the surcharge for the GMAC-repossessed car were clearly erroneous and reversed the turnover order.
• Engstrom v. Wiley
  191 F.2d 684· 9th Cir.· 1951-06-29 ·cited 24×
  The court held that a cash sale, even if payment is made by check several days after delivery, does not constitute a preference under Washington law because it does not diminish the insolvent estate.
• Stanlius Glinski and William H. Gilliland v. John Zawadski and Wife
  8 Fla. 405· Fla.· 1859-01-01 ·cited 22×
  The Florida Supreme Court upheld a chancellor's decision to retain an equity bill and order an accounting for damages after denying specific performance of a land sale contract. The Court rejected the appellants' argument that equity jurisdiction must terminate when specific perf
• Mrs. M. A. Vickers v. John B. Glenn in Bankruptcy of the Estate of E. N. Dekle
  102 Fla. 535· Fla.· 1931-07-27 ·cited 21×
  A bankruptcy trustee sought to cancel a mortgage on the ground that it was recorded within four months of the debtor's bankruptcy filing, making it void under bankruptcy law. The Florida Supreme Court reversed, holding that the mortgage was actually delivered to the clerk for rec
• In re Compton Corp. v. Blue Quail Energy, Inc.
  831 F.2d 586· 5th Cir.· 1987-11-12 ·cited 20×
  A creditor cannot use a letter of credit to secure payment of an unsecured antecedent debt, as this constitutes an indirect preferential transfer recoverable by the bankruptcy trustee.
• H. C. Kirk et ux. v. Howard Jay Edinger et ux.
  380 So. 2d 1336· Fla. 5th DCA· 1980-03-19 ·cited 20×
  The Kirks appealed a judgment dismissing their action to set aside a property conveyance they alleged was fraudulent. The court affirmed the trial court's judgment, holding that while badges of fraud were present, the evidence supported the trial court's finding that the conveyan
• Va. Nat'l Bank (formerly known as Peoples Nat'l Bank of Charlottesville v. Woodson
  329 F.2d 836· 4th Cir.· 1964-03-31 ·cited 20×
  A payment to satisfy a bankrupt's antecedent debt by a third party who receives security from the bankrupt constitutes a voidable preference only to the extent the bankrupt's estate is diminished.
• Aulick v. Flournoy L. Largent
  295 F.2d 41· 4th Cir.· 1961-10-02 ·cited 20×
  The court held that the transfer of stock to Lemley to secure his endorsement of Aulick's note was supported by present consideration and not a voidable preference, except for the $3,000 antecedent debt. However, Aulick received a voidable preference because Lemley's payment to h
• In re Bullion Reserve OF N. Am. v. Bozek
  836 F.2d 1214· 9th Cir.· 1988-01-11 ·cited 19×
  The court held that bullion transferred by a debtor to a customer shortly before bankruptcy, even if purchased with funds obtained fraudulently from customers, constitutes property of the debtor's estate for the purpose of a preferential transfer claim, and the transfer is not ex
• Manhattan Bank of Memphis v. Walker
  130 U.S. 267· U.S.· 1889-04-08 ·cited 19×
  Manhattan Bank of Memphis received securities from Eliza Walker's agent on special deposit and issued a receipt directly to Walker acknowledging her ownership, but subsequently delivered the securities to the agent without Walker's authorization so they could be pledged to anothe
• In re Yale Express Sys., Inc. v. Yale Express Sys.
  370 F.2d 433· 2d Cir.· 1966-12-16 ·cited 18×
  The court held that the district court had the power to stay enforcement of a lien even if the lienor retained title to the property, departing from prior precedent.
• Matter of Ideal Mercantile Corp.
  244 F.2d 828· 2d Cir.· 1957-05-20 ·cited 16×
  The court held that an assignment of unallowed customs refund claims against the United States, made while insolvent and within four months of bankruptcy petition filing, constitutes a preferential transfer and an act of bankruptcy, even if the assignment itself is valid between
• Harrison v. Merchs. Nat. Bank of Fort Smith
  124 F.2d 871· 8th Cir.· 1942-01-19 ·cited 16×
  The court held that the Bank did not lose its pledgee rights by allowing the bankrupt to sell the pledged poultry, and the Trustee failed to prove the Bank had reasonable cause to believe the debtor was insolvent prior to the critical date.
• Murray Drabkin v. Dist. OF Columbia
  824 F.2d 1102· D.C. Cir.· 1987-07-24 ·cited 15×
  The dissenting judge believes the majority erred in its interpretation of section 547 of the Bankruptcy Code and its legislative history regarding tax payments.
• In re Bellanca Aircraft Corp. v. Anderson-Greenwood Aviation Corp.
  850 F.2d 1275· 8th Cir.· 1988-06-22 ·cited 14×
  The court held that payments to third parties for the benefit of the debtor can constitute 'new value' under § 547(c)(4) and that post-petition advances cannot offset pre-petition preferences. However, it remanded for further findings on whether resale proceeds were property of t
• Evans v. Valley W. Shopping Ctr., Inc.
  567 F.2d 358· 9th Cir.· 1978-01-06 ·cited 14×
  The court held that the payment of rent was not a preferential transfer because the landlord's lien, which constituted the transfer, was perfected more than four months before the bankruptcy filing.
• In re Fed's. Inc.
  553 F.2d 509· 6th Cir.· 1977-04-19 ·cited 14×
  A seller's right of reclamation under UCC § 2-702 is a valid state-created ownership right, not an invalid statutory lien or disguised priority under the Bankruptcy Act, and is superior to the rights of a bankruptcy trustee.
• Palmer v. Radio Corp. OF Am.
  453 F.2d 1133· 5th Cir.· 1971-12-30 ·cited 14×
  An indirect transfer of a debtor's property to a creditor, even if through an intermediary and pursuant to a prior agreement, is a preferential transfer under § 60(a) of the Bankruptcy Act if it is not perfected within four months of bankruptcy and allows the creditor to obtain a
• Bowling Green, Inc. v. State St. Bank & Tr. Co.
  425 F.2d 81· 1st Cir.· 1970-05-06 ·cited 14×
  A collecting bank that takes an item for collection from a customer who was himself a holder need not establish that it took the item by negotiation to satisfy the requirements for being a holder in due course. Furthermore, a bank gives value when it acquires a security interest
• Keenan Pipe & Supply Co. v. B. E. Shields in Bankruptcy of James T. Inman
  241 F.2d 486· 9th Cir.· 1956-08-13 ·cited 14×
  The court held that certain payments made by a contractor to a materialman within four months of bankruptcy were not necessarily voidable preferences, especially when made directly or pursuant to an agreement to satisfy a statutory obligation.
• In re Vitreous Steel Prods. Co.
  911 F.2d 1223· 7th Cir.· 1990-08-07 ·cited 12×
  The court held that while the bankruptcy court properly lifted the automatic stay, the determination of that motion did not preclude the prosecution of the adversary complaint. The court also reversed the dismissal of NIPSCO's claim for equitable subordination.
• In re Energy Coop., Inc. v. Socap Int'l, Ltd.
  832 F.2d 997· 7th Cir.· 1987-10-29 ·cited 12×
  A payment made to settle a breach of contract claim arising from an anticipatory repudiation is a payment on account of an antecedent debt, and such a payment does not qualify for the contemporaneous exchange or ordinary course of business exceptions to the Bankruptcy Code's avoi
• E. Penn Nicholson for the Est. of Carolee's Combine, Inc. v. First Inv. Co. & Bill Beltzer
  705 F.2d 410· 11th Cir.· 1983-05-16 ·cited 12×
  The court held that a transfer of funds from a bankrupt corporation to a creditor, which occurred when the creditor exchanged corporate checks for cashier's checks, constituted a voidable preference under Section 60 of the Bankruptcy Act because the creditor had reasonable cause
• In re Fulghum Constr. Corp. v. Ranier
  706 F.2d 171· 6th Cir.· 1983-05-09 ·cited 12×
  The court held that the judicially created 'net result rule' cannot be applied as a gloss to 11 U.S.C. § 547(b)(5) to determine preferential transfers, as it conflicts with congressional intent and renders the statutory defense in § 547(c)(4) impotent.
• Se. Fin. Corp. v. Smith
  526 F.2d 1233· 5th Cir.· 1976-02-17 ·cited 12×
  The Fifth Circuit Court of Appeals certified questions of Alabama law to the Alabama Supreme Court, finding no controlling precedent.
• Selma Schwartz & Butler Realty Corp. v. Sherman
  210 So. 2d 469· Fla. 3d DCA· 1968-04-30 ·cited 12×
  This appeal addresses whether a trial court had jurisdiction over consolidated cases to void a judgment obtained through collusion and determine preference among competing judgments, and whether attorney's fees were properly awarded as costs. The court upheld the substantive judg
• United Pac. Ins. Co. v. The United States & William H. Kennedy in Bankr. of Nils Sigurd Andersson
  358 F.2d 966· Ct. Cl.· 1966-04-15 ·cited 12×
  An assignment of contract proceeds, even if not fully compliant with the Assignment of Claims Act, is valid between the parties and effective against a trustee in bankruptcy, unless it constitutes a voidable preference. Advances made prior to the assignment are considered anteced
• Fried v. Margoles
  296 F.2d 670· 2d Cir.· 1961-11-09 ·cited 12×
  The court held that stock claims in a corporate reorganization should be based on equitable principles, allowing recovery for direct investments made to the promoter, but disallowing claims based on personal debts or unrelated transactions.
• In re Crosstown Motors, Inc. v. Allen
  272 F.2d 224· 7th Cir.· 1959-10-15 ·cited 12×
  The court held that Section 10 of the Illinois Trust Receipts Act grants the entruster a priority, not a lien, on general assets, and this state-created priority is void under the Bankruptcy Act as amended by the Chandler Act.
• Cent. Bank & Tr. Co. v. Davis
  102 So. 2d 600· Fla.· 1958-04-23 ·cited 12×
  Central Bank and Trust Company challenged summary decrees dismissing its creditor's bill seeking to set aside voting trust agreements and secure certain corporate assets. The Florida Supreme Court affirmed the summary decrees, holding that the bank failed to raise genuine materia
• In re Gsand. Freeman v. McCARTHY
  153 F.2d 1001· 3d Cir.· 1946-02-11 ·cited 12×
  An attorney's authority to bind a client is limited and does not extend to compromising substantial rights or imposing new liabilities without express authorization.
• Mfrs'. Fin. Co. v. Marks
  142 F.2d 521· 6th Cir.· 1944-04-21 ·cited 12×
  The court held that the transfers of accounts receivable after July 1, 1932, constituted a fraudulent preference under § 67 of the Bankruptcy Act, as they were made in contemplation of insolvency and enabled the appellant to obtain a greater percentage of its debt than other cred
• In re Xonics Imaging Inc.
  837 F.2d 763· 7th Cir.· 1988-01-15 ·cited 11×
  Late payments made by an insolvent debtor after becoming insolvent, in violation of contract terms, are presumptively not in the ordinary course of business for purposes of the Bankruptcy Code's preference exception.
• Cooper Petroleum Co. v. Henry Hart in Bankr. of Int'l Mktg., Inc.
  379 F.2d 777· 5th Cir.· 1967-06-29 ·cited 11×
  Payments made on open account to a creditor with reasonable cause to believe the debtor was insolvent are voidable preferences, even if new goods were also delivered.
• Equity Inv. P'rs, LP v. Karin Lenz
  594 F.3d 1338· 11th Cir.· 2010-01-29 ·cited 10×
  Equity Investment Partners sought to foreclose a mortgage and establish priority of its security interest over a federal tax lien on real property owned by Karin Lenz. The district court granted summary judgment to the IRS, holding that Equity failed to qualify as a "holder of a
• In re Alan J. and Mary Frances Antweil v. Barnhill
  931 F.2d 689· 10th Cir.· 1991-04-30 ·cited 10×
  For purposes of establishing a voidable preference under 11 U.S.C. § 547(b), a payment made by check is deemed to have occurred when the check is honored by the drawee bank, not when it is delivered to the payee.