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Bar News - July 18, 2008

US Bankruptcy Court Opinion Summaries

Note: The full text of the opinions below are available on the Bankruptcy Court’s website.

In re Chase, 2008 BNH 007, decided 6/3/08 (Deasy, J.), published (holding that a creditor’s secured lien, created by the New Hampshire Supreme Court under the doctrine of equitable subrogation, may be avoided and treated as a general unsecured claim by a Debtor standing in the shoes of a hypothetical lien creditor under § 544(a)(1) because the state court order creating the lien was never recorded as required by NH RSA 477:3-a and the recorded, but discharged, mortgage to which the creditor was equitably subrogated was insufficient to place a bona fide purchaser on inquiry notice as required by Amoskeag Bank v. Chagnon, 133 N.H. 11 (1990)).

In re Lakeshore Construction Company of Wolfboro, Inc.
2008 BNH 010, decided 6/18/08 (Deasy, J.), published (finding that a creditor with a claim under the terms of an unexpired lease of personal property is entitled to an administrative expense claim under § 365(d)(5) for all expenses which it can show arose after the sixtieth day post-petition but prior to some reasonable time after said creditor obtains relief from the automatic stay to the extent permitted under the underlying lease, and that such an administrative expense must be treated equally and rateably with all other administrative expense claims under § 503(b)(1)).

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