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Osherow, Chapter 7 Trustee v. Traveler’s Property Casualty Co. of America

Court: WD Tx  02/11/2022  Bankruptcy Court Grants In Part Insurer's Motion For Summary Judgment In Adversary Proceeding Where Chapter 7 Trustee Alleges Avoidance Of Debtor's Payment Of Premium

A bankruptcy court of the Western District of Texas granted in part an insurer's motion for summary judgment in avoidance action filed by trustee to recoup premium paid by debtor twenty-five days before voluntary petition for Chapter 7 relief, holding that the debtor's premium payment was not a transfer on an antecedent debt, an insurer's provision of future insurance coverage is new value, and that the transfer is a contemporaneous exchange of new value under the Bankruptcy Code, but further denied the insurer's motion in part with respect to its claim that the premium payment cannot be avoided because it was paid in the ordinary course of business.

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