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Legal Opinion

In the Matter of Tolona Pizza Products Corporation, Debtor-Appellant

Court of Appeals for the Seventh Circuit

Decided August 19, 1993No. 92-3386PublishedCited by 214 opinions

1Opinion of the Court

POSNER, Circuit Judge.

When, within 90 days before declaring bankruptcy, the debtor makes a payment to an unsecured creditor, the payment is a “preference,” and the trustee in bankruptcy can recover it and thus make the creditor take pot luck with the rest of the debtor’s unsecured creditors. 11 U.S.C. § 547. But there is an exception if the creditor can show that the debt had been incurred in the ordinary course of the business of both the debtor and the creditor, § 547(c)(2)(A); that the payment, too, had been made and received in the ordinary course of their businesses, § 547(e)(2)(B); and…

2Cases cited13 opinions

  1. In Re Craig Oil Company, Debtor. Marathon Oil Company v. William M. Flatau, TrusteeCourt of Appeals for the Eleventh Circuit · 1986
  2. Wjm, Inc., Etc. v. Massachusetts Department of Public WelfareCourt of Appeals for the First Circuit · 1988
  3. In Re Fred Hawes Organization, Inc., Debtor. William B. Logan, Trustee v. Basic Distribution CorporationCourt of Appeals for the Sixth Circuit · 1992
  4. In the Matter of J.P. Fyfe, Inc. Of Florida v. Bradco Supply CorporationCourt of Appeals for the Third Circuit · 1989
  5. Thomas G. Lovett, Jr., Trustee for Transportation Systems International, Inc. v. St. Johnsbury TruckingCourt of Appeals for the Eighth Circuit · 1991

8 more not listed; retrieve them via the Exa API.

3Cited by214 opinions

  1. In Re Roblin Industries, Inc., Debtor. William E. Lawson, Trustee, in Bankruptcy of Roblin Industries, Inc. v. Ford Motor CompanyCourt of Appeals for the Second Circuit · 1996
  2. In Re Molded Acoustical Products, Inc., Debtor. Fiber Lite Corporation v. Molded Acoustical Products, Inc.Court of Appeals for the Third Circuit · 1994
  3. Brandt v. Repco Printers & Lithographics, Inc. (In Re Healthco International, Inc.)Court of Appeals for the First Circuit · 1997
  4. Richard E. Barber, Chapter 7 Trustee for Ostrom-Martin, Inc. v. Golden Seed Company, Inc.Court of Appeals for the Seventh Circuit · 1997
  5. In Re U.S.A. Inns of Eureka Springs, Arkansas, Inc., Debtor. Claude R. Jones v. United Savings and Loan AssociationCourt of Appeals for the Eighth Circuit · 1993

209 more not listed; retrieve them via the Exa API.

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