Legal Opinion
In Re Smith-Douglass, Inc., Debtor. Smith-Douglass, Inc. v. Borden, Inc.
Court of Appeals for the Fourth Circuit
Decided March 23, 1988No. 87-1663PublishedCited by 14 opinions
1Per curiam
In October of 1981, Smith-Douglass, Inc. (SDI) signed a promissory note to Borden, Inc. (Borden) in the amount of $5,951,-187.00. Under the terms of the note, SDI was required to pay interest to Borden for the time during which the debt was actually outstanding, and had the option to pay off the principal debt at any time prior to the note’s expiration.
SDI filed for Chapter 11 bankruptcy on March 11, 1983. In the three months prior to filing for bankruptcy, SDI made three payments to Borden on the note, and each payment was for interest alone. The bankruptcy court on summary judgment motion…
2Cases cited2 opinions
- Barash v. Public Finance Corp.Court of Appeals for the Seventh Circuit · 1981
- In Re Iowa Premium Service Co., Inc., Debtor. Iowa Premium Service Co., Inc. v. First National Bank in St. Louis, St. Louis, MissouriCourt of Appeals for the First Circuit · 1982
3Cited by14 opinions
- Harman v. First American Bank of Maryland (In re Jeffrey Bigelow Design Group, Inc.)Court of Appeals for the Fourth Circuit · 1992
- In Re: Nextwave Personal Communications, Inc. Debtor. Federal Communications Commission v. Nextwave Personal Communications, Inc.Court of Appeals for the Second Circuit · 1999
- In the Matter of Chg International, Inc., Debtor. Chg International, Inc. v. Barclays BankCourt of Appeals for the Ninth Circuit · 1990
- Matter of NNLC Corp.United States Bankruptcy Court, D. Connecticut · 1989
- Friedman v. Ginsburg (In Re David Jones Builder, Inc.)United States Bankruptcy Court, S.D. Florida. · 1991
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