First Ambulance Center of Tennessee, Inc. v. NationsBank (In Re First Ambulance Center of Tennessee, Inc.)

MEMORANDUM

ALETA ARTHUR TRAUGER, Bankruptcy Judge.

This matter came before the court upon the debtor’s Amended Complaint for turnover of property of the estate under § 543 1 or, in the alternative, to avoid a preferential transfer under § 547(b) or recover amounts set off under § 553(b)(1). For the reasons set forth below, the court will grant recovery of setoff under § 553(b)(1). The following constitute findings of fact and conclusions of law. F.R.B.P. 7052.

I

On December 22, 1992, the debtor, First Ambulance Center of Tennessee, executed two promissory notes in favor of Nations-Bank on two…