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Preference question
As for whether your client has a defense, one would need to know the
facts of the transfer in question. How long after the fuel was
delivered was the payment made? What to the past transactions between
the debtor and your client look like? Did your client supply any fuel
after receipt of the payment in question for which he was never paid?
As for whether your client should agree to the extension, I'm not why
he should but that is not always an easy call. Is there any reason to
believe that the trustee will not prosecute the claim if he does his
due dilligence or is this just prolonging the inevitable. If the
latter, I'd be tempted to force the trustee to file his complaint now
but that is a tough call.
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I have a client who sold fuel to a company in Texas prior to March of 2006. The deadline for the commencement of the preference action is 3/20/08. The trustee just my client a tolling agreement asking for the SOL to be tolled to "the earlier of a- 12/31/08 or b- 30 days after the date on which one of the parties served a termination notice on the other party.
My questions are: (1) should my client sign the tolling agreement? (2) is there a defense to a preference action here?
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The post was migrated from Yahoo.