Legal Opinion · Dissent

BFP v. Imperial Savings & Loan Ass'n (In Re BFP)

United States Bankruptcy Appellate Panel for the Ninth Circuit

Decided November 5, 1991No. BAP No. CC-90-1712-JVP, Bankruptcy No. SA-89-06771-JR, Adv. No. SA-89-0977-JRPublished

1Dissent

VOLINN, Bankruptcy Judge,

dissenting:

Relying on the majority ruling in In re Madrid, 21 B.R. 424 (9th Cir.BAP 1982), aff'd on other grounds, 725 F.2d 1197 (9th Cir.1984), cert. denied, 469 U.S. 833, 105 S.Ct. 125, 83 L.Ed.2d 66 (1984), the majority here restates the view that a non-collusive and regularly conducted nonjudicial foreclosure sale creates in effect an irrebutta-ble presumption that the consideration received at such a sale is “reasonably equivalent value” for purposes of Bankruptcy Code § 548(a)(2).1 While stare decisis does not require us to follow the BAP ruling in Madrid since…

2Cases cited23 opinions

J. W. Durrett, Sr. v. The Washington National Insurance Co.Court of Appeals for the Fifth Circuit · 1980
In the Matter of Winshall Settlor's Trust, Julie Winshall, Trustee, Debtor-AppellantCourt of Appeals for the Sixth Circuit · 1985
In Re Judith Lynne Madrid, Debtor. Judith Lynne Madrid v. Lawyers Title Insurance Corp., and Donald TurneyCourt of Appeals for the Ninth Circuit · 1984
In the Matter of Donald Eugene Bundles, Debtor-Appellant. In Re Donald Eugene Bundles v. William J. Baker, Indiana National Bank and James C. WellsCourt of Appeals for the Seventh Circuit · 1988
Lawyers Title Insurance Corp. v. Madrid (In Re Madrid)United States Bankruptcy Appellate Panel for the Ninth Circuit · 1982

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