Bankr. E.D.N.C.: Angell v. Bacchus- Genuine Issue of Material Fact and Fraudulent Conveyance

Summary: Pursuant to 11 U.S.C. § 548, the Chapter 7 Trustee sought to recover transfers made for the benefit of Bacchus within two years of the bankruptcy filing, arguing that the transfer were a fraudulent conveyance. Bacchus disputed the allegations that the Debtor received less that the reasonably equivalent value, as the payments were for an obligation owed by the debtor to Bacchus’ deceased father for the purchase of grain, which had been stored on the debtor’s property. The Trustee contended that the sales price for the grain should have been fixed as of the date of death of the Bacchus’ father rather than the time of sale. As the date for determining the price was not clearly fixed in the agreement between the parties, there was a genuine issue of material fact and the motions for summary judgment, brought by the Trustee and Bacchus, were denied. For a copy of the opinion, please see: Angell v. Bacchus- Genuine Issue of Material Fact and Fraudulent Conveyance