Legal Opinion
In Re Tek-Aids Industries, Inc.
United States Bankruptcy Court, N.D. Illinois
Decided September 21, 1992No. 19-05374PublishedCited by 21 opinions
1Opinion of the Court
MEMORANDUM, OPINION AND ORDER
ROBERT E. GINSBERG, Bankruptcy Judge.
This matter is before the court on the Motion of First Midwest Bank for turnover of certain funds by the Chapter 7 trustee. 1 For the reasons stated below, this court holds that the Bank does not have a security interest in the funds at issue, moneys collected by the trustee in preference actions. 2 Therefore, the Bank’s motion must be denied.
FACTS
On June 20, 1989, Tek-Aids Industries entered into a Loan and Security Agreement with the Bank. Under the terms and conditions of the agreement, the Bank became the exclusive source…
2Cases cited13 opinions
- Kham & Nate's Shoes No. 2, Inc., Debtor-Appellee v. First Bank of WhitingCourt of Appeals for the First Circuit · 1990
- Elsie Simer v. Richard J. Rios, Acting Director of Community Services Administration Community Services AdministrationCourt of Appeals for the Seventh Circuit · 1981
- In the Matter of Met-L-Wood Corporation, Debtor. Appeal of Constantine John Gekas, Trustee. Constantine John Gekas, Trustee v. Frederick L. PipinCourt of Appeals for the Seventh Circuit · 1988
- Parts and Electric Motors, Inc., an Illinois Corporation v. Sterling Electric, Inc., a Delaware CorporationCourt of Appeals for the Seventh Circuit · 1989
- In the Matter of Arlo B. Edwards, Debtor-Appellee. Appeal of Golden Guernsey Dairy Co-OpCourt of Appeals for the Seventh Circuit · 1992
8 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- In Re Marrs-Winn Company, Inc., Debtor. Marrs-Winn Company, Inc. And J.S. Alberici Construction Company, Inc. v. Giberson Electric, Inc.Court of Appeals for the Seventh Circuit · 1996
- In Re PhelpsUnited States Bankruptcy Court, N.D. Illinois · 1993
- Barber v. McCord Auto Supply, Inc. (In Re Pearson Industries, Inc.)United States Bankruptcy Court, C.D. Illinois · 1995
- NBD Park Ridge Bank v. SRJ Enterprises, Inc. (In Re SRJ Enterprises, Inc.)United States Bankruptcy Court, N.D. Illinois · 1993
- Official Committee of Unsecured Creditors ex rel. estates of the Debtors v. UMB Bank, N.A.United States Bankruptcy Court, S.D. New York · 2013
16 more not listed; retrieve them via the Exa API.