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Preferences, reclamation and PACA in one case: a three-ring circus.(Credit Column)(Perishable Agricultural Commodities Act of 1930)
Introduction
A credit manager and NACM member recently inquired whether his company's reclamation claim that was granted administrative priority status and paid in its customer's bankruptcy case, could also be used as offsettable new value in any preference action by the customer's bankruptcy trustee. Oh no--those darn preferences again!
Another trip to the PREFERENCE ZONE where the big bad bankruptcy trustee can assert claims against diligent credit grantors tot the recovery of payments of antecedent indebtedness by insolvent customers within 90 days of their bankruptcy filing. However, not to fear--trade creditors might have numerous defenses to any ...
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Source: HighBeam Research, Preferences, reclamation and PACA in one case: a three-ring...