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Must the new value be fresh?(CREDIT COLUMN)(Bankruptcy law)
Several courts have addressed the issue of whether new value under bankruptcy preference section 547(c)(4) must be unpaid for the vendor to be credited with this defense. (1) A twist on this issue is whether the new value supplied by the vendor, such as perishable products, must be "fresh", such that returned product must be deducted from the new value calculation.
The Bankruptcy Appellate Panel for the Tenth Circuit in Gonzalez v. Nabisco Div. of Kraft Foods, Inc. (In re Furr's Supermarkets, Inc.)("Furr's") (2) recently held that food products supplied by a vendor (otherwise qualifying as subsequent new value), in which a portion was returned by the debtor to ...
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- Magazine article from: Business Credit Nathan, Bruce S. June 1, 2003 700+ words
...defenses to a preference claim is the new value defense. A trustee or debtor-in...preference where the creditor had extended new value in the form of credit sales of goods...payment. Creditors frequently invoke the new value defense to reduce preference exposure...
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- Magazine article from: Business Credit Nathan, Bruce S. January 1, 1996 700+ words
...claims. Among these defenses is the new value defense of Section 547(c)(4). For trade creditors, the new value exception applies where the creditor...the extent that the creditor extended new value to the debtor by shipping goods or...
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- Magazine article from: Business Credit Nathan, Bruce S. March 1, 2006 700+ words
...allowed a trade creditor to utilize the new value defense to escape most of its six-figure...because of the successful invocation of the new value defense. What is most interesting about...manner in which the court calculated the new value defense. The court allowed a larger...
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- Magazine article from: Business Credit Tatelbaum, Charles M. June 1, 1999 700+ words
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- Magazine article from: University of Pennsylvania Law Review Hoang, Hieu T. December 1, 2000 700+ words
...Such a plan of reorganization is called a "new value" plan. The name comes from the "new value exception," a judicially created doctrine...debate regarding whether a plan using the new value exception would be confirmable.(9) In...
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- Magazine article from: Business Credit Blakeley, Scott April 1, 2001 700+ words
...how far a vendor may use the subsequent new value defense. The Bankruptcy Preference Law...defenses used by a vendor is the subsequent new value or subsequent advance rule, which excludes...the Preference Lawsuit: The Subsequent New Value Defense The subsequent new ...
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- Magazine article from: Los Angeles Business Journal Rackham, Anne November 2, 1992 700+ words
...debtor may take what is called the "new value exception." That means a property owner...capital to the reorganized company. The "new value exception" has been a hotly debated...courts in the Los Angeles area. Under the new value exception, for example, a partnership...
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- Magazine article from: Business Credit Nathan, Bruce S. October 1, 2003 700+ words
...defenses to a preference claim is the new value defense. A creditor can reduce its preference...the alleged preference payments. The new value defense is clearly available to reduce preference exposure where the creditor's new value extension of credit remains unpaid...
- Extending the Contemporaneous Exchange for New Value Preference Defense.
- News wire article from: Mondaq Business Briefing Douglas, Mark August 17, 2005 700+ words
...constituted "contemporaneous exchanges for new value" under section 547(c)(1) of the...course payment defense, the subsequent new value defense and the contemporaneous exchange...after the transfer, the creditor gave new value to the debtor that is not secured by...
- The best offense is the "new value" defense. (preference complaints) (Legal...
- Magazine article from: Business Credit Dopke, Bruce June 1, 1993 700+ words
...one of those defenses, known as the "new value" defense, can be successfully invoked...after the transfer, such creditor gave new value to or for the benefit of the debtor...interest; and (B) on account of which new value the debtor did not make an otherwise...
Source: HighBeam Research, Must the new value be fresh?(CREDIT COLUMN)(Bankruptcy law)