Oles Grain Co. v. Safeco Insurance Co. of America

MEMORANDUM OPINION

BUCHMEYER, Chief Judge.

This bankruptcy appeal presents a question of first impression for an Article III court concerning 11 U.S.C. § 322(d) of the United States Bankruptcy Code, which provides: “A proceeding on a trustee’s bond may not be commenced after two years after the date on which such trustee was discharged.”

This opinion holds that: (1) Section 322(d) preempts state law statutes of limitations that provide different limitations periods for actions on a bankruptcy trustee’s bond; and (2) the Texas statute of limitations for negligence is not otherwise relevant given…