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Release of state mechanic's and other lien law rights as a defense to preference claims? Yes and no!(credit column)
Suppliers of goods and services on construction projects enjoy the enhanced prospect for payment of their claims afforded by most states' mechanic's and other lien laws. While that is all well and good, can suppliers that have waived or released their state law lien rights, in exchange for an alleged preferential payment, assert a full defense to the preference claim? Two recent bankruptcy court decisions have reached differing holdings on whether a creditor's waiver or release of its state law lien rights is a preference defense.
In In re Charwill Construction, Inc., the New Hampshire Bankruptcy Court ruled that a general contractor's payments to a subcontractor ...
- Extending the Contemporaneous Exchange for New Value Preference Defense.
- News wire article from: Mondaq Business Briefing Douglas, Mark August 17, 2005 700+ words
...debtor did not make an otherwise unavoidable transfer to the creditor. The Contemporaneous Exchange for New Value Defense The "contemporaneous exchange for new value" defense permits creditors to continue to do business with troubled counterparties...
- Credit transactions may be eligible for the Section 547(c)(1) contemporaneous...
- Magazine article from: Business Credit Nathan, Bruce July 1, 2007 700+ words
...547(c)(1) contemporaneous exchange for new value ("COD") defense...pass muster as a contemporaneous exchange for new value? Read on for...547(c)(1) contemporaneous exchange for new value defense as a full...
- Tipperary Corp. extends its three contemporaneous exchange offers to Dec. 4.
- Press release article from: PR Newswire November 24, 1986 700+ words
...today that the company is extending to 5:00 p.m., New York City time, on Thurdsay, Dec. 4, its three contemporaneous exchange offers to the holders of its 12 percent senior subordinated convertible notes due Sept. 15, 1995, non...
- Preventive medicine for a preference headache. (Legal Brief)
- Magazine article from: Business Credit Dopke, Bruce September 1, 1993 700+ words
...known as the "contemporaneous exchange for new value" defense, which...the Defense The contemporaneous exchange for new value defense is found...was made to be a contemporaneous exchange for new value given to the debtor...
- A preference defense quartet: four recent court decisions to mull over.(CREDIT...
- Magazine article from: Business Credit Nathan, Bruce S. September 1, 2005 700+ words
...decisions on the contemporaneous exchange, new value and ordinary course...had intended as a contemporaneous exchange for new value and that was, in fact, a substantially contemporaneous exchange. This defense is...
- Credit card payments as preferences: the Sixth Circuit joins the...
- Magazine article from: Business Credit Nathan, Bruce June 1, 2009 700+ words
...to preference exposure without satisfying Section 547(c)'s preference defenses, such as new value, ordinary course, contemporaneous exchange and other defenses. Let's see how the Sixth Circuit reached its decisions. The Dilworth...
- Be careful when taking regular checks for lien release or cash transactions: a...
- Magazine article from: Business Credit Nathan, Bruce S. March 1, 2005 700+ words
...547(c)(1) contemporaneous exchange for new value defense to the...court found no contemporaneous exchange for new value because Endo Steel...and there was no contemporaneous exchange for new value that would have...
- Keeping The Money: Strategies For Protecting Against Preference Liability.
- News wire article from: Mondaq Business Briefing March 26, 2008 700+ words
...are (i) the contemporaneous exchange for new value, (ii) the subsequent...creditor to be a contemporaneous exchange for new value given to the debtor...itself of the contemporaneous exchange for new value defense. Slightly...
Source: HighBeam Research, Release of state mechanic's and other lien law rights as a defense to...