Barbara M. Goodstein The 'Andalusian' Case: Proceeds Under the UCC and Bankruptcy – The Conundrum of Section 552
Delineating between property acquired post-filing and post-filing proceeds of pre-petition property can be a daunting task. This column discusses how a Federal District Court Judge and a panel of judges on the First Circuit grappled with this issue in the recent 'Andalusian' case.
August 05, 2020 at 12:30 PM
10 minute read
The ongoing Puerto Rico bankruptcy-like proceeding, which commenced in May 2017 following Congressional enactment of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), has been mired in controversy and litigation since its birth, surviving such assaults as a constitutional challenge quashed by the Supreme Court just this past June (see Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment (140 U.S. 1640 (2020)). It has also been the source of several interesting decisions in regard to Uniform Commercial Code matters.
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