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Reclamation rights vs. floating inventory lien: a victory at last!(Credit Column)
Introduction
The prospects of a trade creditor prevailing on its reclamation claim have been looking more and more bleak where the debtor has a secured creditor with a floating inventory lien. However, the taw is a wonderful maiden and there is always the chance (or at least hope) that a court could grant relief on a reclamation claim despite the existence of a competing floating inventory security interest.
That is precisely what happened in the recent decision of the United States Bankruptcy Court for the District of South Carolina in In re Georgetown Steel Company LLC The bankruptcy court granted the reclamation creditors' allowed administrative ...
- Sit on your reclamation rights at your own peril.(Business Law)
- Magazine article from: Business Credit Nathan, Bruce S. April 1, 1998 700+ words
...creditor had "slept" on its reclamation rights and therefore waived its...its goods to be sold, its reclamation rights were lost. Most recently...debtor disputed the claim. Reclamation creditors that failed to diligently...
- Are reclamation rights preserved where debtor's secured dip lender pays off...
- Magazine article from: Business Credit Nathan, Bruce S. March 1, 2004 700+ words
...bankruptcy courts considered whether reclamation creditors were entitled to preferred status...Phar-Mor, Inc., held that reclamation creditors retained their preferred status...Convenience Stores, Inc. held that reclamation creditors lost their preferred status, despite...
- If you snooze, you may lose: know your reclamation rights.
- Magazine article from: Business Credit Robinson, Richard A. June 1, 1995 700+ words
...of goods fail to exercise their reclamation rights. In many instances, a supplier's reclamation rights may represent the last chance to...bankruptcy petition. Assertion of reclamation rights, however, requires the supplier...
- Reclamation rights in bankruptcy. (Legal Brief)
- Magazine article from: Business Credit Dopke, Bruce February 1, 1994 700+ words
...the Bankruptcy Code preserves a seller's reclamation rights against a debtor while imposing some additional...filed for bankruptcy yet. Validating Your Reclamation Rights Reclamation rights can be lost or dissipated in a variety of...
- A Cash Seller's Reclamation Rights When the Check Bounces.
- Magazine article from: Business Credit Nathan, Bruce S. May 1, 2000 700+ words
...delivered to the buyer. The seller's reclamation rights arise under the Uniform Commercial...in all 50 states. The seller's reclamation rights are also recognized if the buyer...702 deals with a credit seller's reclamation rights. Conversely, little has been written...
- Unpaid Sellers Stoppage of Delivery and Reclamation Rights Against an Insolvent...
- Magazine article from: Business Credit Nathan, Bruce S. January 1, 2001 700+ words
...avoided the risk of nonpayment resulting from Heilig-Meyers' Chapter 11 filing. Trade creditors exercising their reclamation rights also have improved prospects for payment of their claims. Other unsecured trade creditors can only file a proof...
- Fleming Companies, Inc. Moving Forward With Reorganization Plan; Agreement...
- Press release article from: PR Newswire May 4, 2004 700+ words
...Companies, Inc. ("Fleming") announced that it reached an agreement in principle with the Official Committee of Reclamation Creditors (the "Reclamation Committee") and the Official Committee of Unsecured Creditors (the "Unsecured Creditors...
- Jilin Guotai Biological Factory Granted Land Reclamation Rights.
- Press release article from: PR Newswire October 16, 2002 700+ words
-- JILIN, China, Oct. 16 /Xinhua PRNewswire/ -- Jilin Guotai Biological Factory (Jilin Guotai) announced today that it has signed an agreement with the local government of Changling County of China's Jilin Province allowing the company to reclaim 10,000 hectares of land to produce processed