I have been warning about this for some time. There is a 9th Cir case which says 544 overrules 541. Not on the computer, but if u search the two sections together it should come up. D something.
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On Jan 25, 2012, at 11:58 AM, "Steven B. Lever" wrote:
> I have a client who is on title with her mother since she was 17, a couple decades ago. She never paid a penny for the house and is only on title for when mom dies. Originally I was only going to file her husband, but then after reading 11 U.S.C. 541(d) I thought since she had only bare legal title there would be no issue.
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> However, I got a call today from Trustees counsel, who I know well and respect, who tells me he can do so under 11 U.S.C. 544(a)(3). Trustee only shares legal title, not equitable title, but Trustee attorney says thats enough.
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> 11 U.S.C. 544(a)(3)
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> (a) The trustee shall have, as of the commencement of the case, and without regard to any knowledge of the trustee or of any creditor, the rights and powers of, or may avoid any transfer of property of the debtor or any obligation incurred by the debtor that is voidable by
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> (1) omitted
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> (2) omitted
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> (3) a bona fide purchaser of real property, other than fixtures, from the debtor, against whom applicable law permits such transfer to be perfected, that obtains the status of a bona fide purchaser and has perfected such transfer at the time of the commencement of the case, whether or not such a purchaser exists.
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> Im not getting his point and still in shock. Has anyone run across this issue before?
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> Steve
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> Law Offices of Steven B. Lever
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> > Steven B. Lever
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> >( Tel. (562) 436-5456 ext. 6470
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> >( Fax (800) 360-5161
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> >*
sblever@leverlaw.com
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www.leverlaw.com
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I have been warning about this for some time. There is a 9th Cir case which says 544 overrules 541. Not on the computer, but if u search the two sections together it should come up. D something. DSent from my iPhoneOn Jan 25, 2012, at 11:58 AM, "Steven B. Lever" <
sblever@leverlaw.com> wrote:
(1) omitted(2) omitted (3) a bona fide purchaser of real property, other than fixtures, from the debtor, against whom applicable law permits such transfer to be perfected, that obtains the status of a bona fide purchaser and has perfected such transfer at the time of the commencement of the case, whether or not such a purchaser exists. Im not getting his point and still in shock. Has anyone run across this issue before? Steve
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