Transfer of Assets

Where defendant’s conveyance of a security interest in an automobile met the elements of a preference under 11 U.S.C. § 547, bankruptcy court did not err in avoiding the transfer and awarding the trustee the value of the security interest, but clearly erred in determining the value as the full value of the initial loan. Where the full value of the security interest was not readily ascertainable, bankruptcy court erred in awarding the estate an estimate of that value instead of the transferred property: the security interest.
In re Taylor – filed February 26, 2010
Cite as 08-60033

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