Legal Opinion
United States v. Andrew Maxwell, Not Individually but as Trustee of the Estate of Pyramid Industries, Inc.
Court of Appeals for the Seventh Circuit
Decided November 25, 1998No. 97-3108PublishedCited by 33 opinions
1Opinion of the Court
DIANE P. WOOD, Circuit Judge.
The bankruptcy laws generally permit a creditor to offset, on a dollar-for-dollar basis, a debt it owes to the bankrupt party against a pre-commencement debt that the bankrupt owed to the creditor. See 11 U.S.C. § 553(a). There are circumstances under which setoff will be denied — fraud, collusion, and the like — but nothing in the statute suggests that the simple fact that the creditor is the United States is one of those circumstances. In this case, however, both the bankruptcy court and the district court effectively created a new exception to the right of…
2Cases cited7 opinions
- Citizens Bank of Md. v. StrumpfSupreme Court of the United States · 1995
- United States v. Reorganized CF&I Fabricators of Utah, Inc.Supreme Court of the United States · 1996
- Cherry Cotton Mills, Inc. v. United StatesSupreme Court of the United States · 1946
- In Re: Hal, Inc. Hawaiian Airlines Inc. West Maui Airport, Inc. Debtors. Hal, Inc. Hawaiian Airlines Inc. West Maui Airport, Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 1997
- Marre' v. United StatesCourt of Appeals for the Fifth Circuit · 1997
2 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- In Re: Charter Oak Associates, Debtor. Neal Ossen, Trustee v. Department of Social Services, State of ConnecticutCourt of Appeals for the Second Circuit · 2004
- In Re: Gordon Sel-Way, Inc., Debtor. Gordon Sel-Way, Inc. v. United StatesCourt of Appeals for the Sixth Circuit · 2001
- In Re: Doctors Hospital of Hyde Park, Inc., Debtor. Appeal Of: Daiwa Special Asset CorporationCourt of Appeals for the Seventh Circuit · 2003
- United States v. David SklenaCourt of Appeals for the Seventh Circuit · 2012
- In Re BourneUnited States Bankruptcy Court, E.D. Tennessee · 2001
28 more not listed; retrieve them via the Exa API.