Legal Opinion
Braniff Airways, Inc. v. Exxon Co.
Court of Appeals for the Fifth Circuit
Decided April 20, 1987No. 86-1531PublishedCited by 45 opinions
1Opinion of the Court
ROBERT MADDEN HILL, Circuit Judge:
In this bankruptcy appeal, Exxon Company, U.S.A., argues that the district court erred in concluding that Exxon could not setoff pre-petition claims owed to it by debtor Braniff Airways, Inc., against prepetition debts that it owed to Braniff. We find that Exxon does have a right of setoff pursuant to 11 U.S.C. § 553(a), but that any setoff is potentially subject to being recovered by Braniff pursuant to 11 U.S.C. § 553(b). Since the record is not sufficient to allow us to decide whether a section 553(b) recovery by Braniff is appropriate, we reverse and…
2Cases cited21 opinions
- In re PrescottCourt of Appeals for the Seventh Circuit · 1986
- In Re Braniff Airways, Inc.United States Bankruptcy Court, N.D. Texas · 1984
- Stair v. Hamilton Bank of Morristown (In Re Morristown Lincoln-Mercury Inc.)United States Bankruptcy Court, E.D. Tennessee · 1984
- Eckles v. Petco Inc., Interstate (In Re Balducci Oil Co.)United States Bankruptcy Court, D. Colorado · 1983
- Brooks Farms v. United States Department of Agriculture (In Re Brooks Farms)United States Bankruptcy Court, E.D. Wisconsin · 1987
16 more not listed; retrieve them via the Exa API.
3Cited by45 opinions
- 16 Collier bankr.cas.2d 1447, Bankr. L. Rep. P 71,794 Braniff Airways, Inc. Debtor and Debtor-In-Possession, and the Official Unsecured Creditors' Committee of Braniff Airways, Inc. v. Exxon Company, U.S.A.Court of Appeals for the Fifth Circuit · 1987
- In the Matter Of: Constance Luongo, Debtor. Internal Revenue Service v. Constance LuongoCourt of Appeals for the Fifth Circuit · 2001
- In the Matter of United Sciences of America, Inc., Debtor. Daniel J. Sherman v. First City Bank of DallasCourt of Appeals for the First Circuit · 1990
- Pettibone Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1994
- Thompson v. Board of Trustees (In Re Thompson)United States Bankruptcy Court, E.D. Virginia · 1995
40 more not listed; retrieve them via the Exa API.