Legal Opinion

In Re Package Design & Supply Co., Inc.

United States Bankruptcy Court, W.D. New York

Decided February 12, 1998No. 2-19-20037PublishedCited by 1 opinion

1Opinion of the Court

MICHAEL J. KAPLAN, Bankruptcy Judge.

This matter is before the Court on Citibank’s motion to approve a cash collateral agreement giving Citibank a hen on postpetition accounts and inventory. The motion squarely presents the question of how 11 U.S.C. § 552 may result in a secured lender’s loss of hen if action is not taken promptly in bankruptcy court after the filing of a Chapter 11 petition.

The Debtor in this case has been operating as a Chapter 11 debtor-in-possession since June of 1997, manufacturing corrugated car tons and foam products and distributing those and other packaging supplies.…

2Cases cited19 opinions

In Re Dwayne Sunberg, Patricia Sunberg, Engaged in Farming, DebtorsCourt of Appeals for the Eighth Circuit · 1984
Matter of KainUnited States Bankruptcy Court, W.D. Michigan · 1988
Ninth District Production Credit Ass'n v. Ed Duggan, Inc.Supreme Court of Colorado · 1991
In Re Cross Baking Co., Inc., Debtor. New Hampshire Business Development Corporation v. Cross Baking Company, Inc.Court of Appeals for the First Circuit · 1987
Matter of SunbergUnited States Bankruptcy Court, S.D. Iowa · 1983

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3Cited by1 opinion

Arkison v. Frontier Asset Management, LLC (In Re Skagit Pacific Corp.)United States Bankruptcy Appellate Panel for the Ninth Circuit · 2004