Legal Opinion
Alexander & Jones v. Nat Warren Contracting Co. (In re Nat Warren Contracting Co.)
District Court, E.D. Virginia
Decided January 17, 1989No. Bankruptcy No. 88-01157-N-B; Adv. No. 88-1071-N-BPublishedCited by 3 opinions
1Opinion of the Court
MEMORANDUM OPINION
HAL J. BONNEY, Jr., Bankruptcy Judge.
This case concerns a bank’s right to use the 11 U.S.C. § 553(a) setoff remedy on an account bearing the debtor’s name but set up by a third party as a special account to help the debtor meet its payroll. Upon the filing of a Chapter 11 petition by the debt- or, Sovran has frozen the account and would seek to apply the balance of the account to setoff an obligation of the debt- or as provided in 11 U.S.C. § 553(a). The plaintiff’s complaint seeks determination by the court that the defendant Sovran Bank has wrongfully applied this account,…
2Cases cited8 opinions
- New York County National Bank v. MasseySupreme Court of the United States · 1904
- Libby v. HopkinsSupreme Court of the United States · 1881
- United States v. Butterworth Judson Corp.Supreme Court of the United States · 1925
- CITIZENS'NAT. BANK OF GASTONIA, NC v. LinebergerCourt of Appeals for the Fourth Circuit · 1930
- Avant v. United StatesDistrict Court, E.D. Virginia · 1958
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3Cited by3 opinions
- In Re Nat Warren Contracting Co., Inc.Court of Appeals for the Fourth Circuit · 1990
- Alexander & Jones v. Sovran Bank, N.A.Court of Appeals for the Fourth Circuit · 1990
- In re LangeDistrict Court, D. Rhode Island · 1989