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A preference dynamic duo: state law lien rights defeat preference claim while payment by credit card does not!(credit column)
This summer has been chock full of court decisions on preferences that should interest trade creditors. The United States Bankruptcy Court for the Western District of Pennsylvania, in In re Erie Power Technologies, Inc. ("Erie Power"), recently ruled that a creditor with a fully secured state law possessory artisans' lien in the debtor's goods was not subject to preference exposure. The debtor, Erie Power, could not satisfy Bankruptcy Code Section 547(b)(5)'s preference requirement that the creditor had received more from the alleged preference than it would have realized in the debtor's Chapter 7 liquidation because of the creditor's fully secured status. Clearly, the ...
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Source: HighBeam Research, A preference dynamic duo: state law lien rights defeat preference...