Now Updating
Margaret Kinney v. HSBC Bank USA

Summarizing by Bradley Pearce

In re Anthony Ray Lincoln

Summarizing by Mawerdi Hamid

Lovald v. Tennyson (In re Wolk)

Lovald v. Tennyson (In re Wolk), Case No. 10-6050 (8th Cir.BAP Oct. 14, 2010)
The strong arm powers under section 544 provide the trustee with the powers of a bona fide purchaser. In South Dakota, a co-owner of property can overcome the presumption that property held as a tenant in common is held in equal shares, as to the other co-owner, but not as against a bona fide purchaser.
Procedural context:
Appeal of bankruptcy court denial of order to sell property free and clear under 363(h) where property was held by debtor with non-filing spouse as tenants in common, and under applicable state law (South Dakota), non-filing owner was able to overcome presumptipon of equal ownership. Court found there would be no equity for estate due to extent of ownership by non-filing owner.
Debtor and wife owned home as joint tenants. Wife contributed majority of purchase price and made all payments on mortgage. The court found equity in the house to be $63,000, and that since only a small portion would go to the estate, the benefit to the estate of a sale free and clear would be outweighed by the detriment to the co-owner.
Kressel, Chief Judge, Federman, and Saladino, Bankruptcy Judges

ABI Membership is required to access the full summary. Please Sign In using your ABI Member credentials. Not a Member yet? Join ABI now - it is absolutely worth it!

About us in numbers

3289 in the system

3166 Summarized

5 Being Processed