A purchase money security interest transaction is virtually never susceptible to bankruptcy preference attack. An exception to this is where the bank has not perfected the security interest on or before twenty days after the debtor receives possession of the property constituting the collateral. (more…)
Posts Tagged ‘bankruptcy’
Quick Perfection of Purchase Money Security Interest
Monday, February 22nd, 2010Borrower Found to Have Filed Bankruptcy in Bad Faith
Friday, February 19th, 2010In a New York case, a borrower was found to have filed a Chapter 11 bankruptcy in bad faith in order to avoid a foreclosure action filed by the lender. In this case, the borrower owned an apartment building and had been sued by the lender for nonpayment. (more…)