Arra v. Atlantic National Bank of Seminole (In Re Jay)

FINDINGS OF FACT, CONCLUSIONS OF LAW AND MEMORANDUM OPINION

ALEXANDER L. PASKAY, Chief Judge.

THE MATTER under consideration is a complaint to recover property of the estate filed by Joseph M. Arra, the Trustee. The property in question is 3,350 shares of Riehl Electronics Corporation stock that is presently held by the Atlantic National Bank of Seminole (Atlantic). The Trustee bases its recovery right on § 70(c) of the Bankruptcy Act of 1898 as amended which gives the Trustee the status of an ideal or imaginary creditor holding a judgment that is unsatisfied and thereby gives the Trustee the…