Verco Industries v. Spartan Plastics (In Re Verco Industries)

HUGHES, Bankruptcy Judge,

concurring:

I concur. I write separately merely to express by way of dicta my view of how 11 U.S.C. § 553, providing for offset of mutual debts, may affect the judgment to be entered by the trial court on remand.

The question raised by the two actions below and by this appeal is whether a debt- or in possession (or a trustee in bankruptcy) may take judgment on Spartan Plastics’ promissory note as well as recover the personal property sold by Verco Industries to Spartan Plastics. I agree that it can. I suggest, however, that the judgment may be subject to offset in a…