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In re Archer

34 B.R. 28 (Bankr. N.D. Tex. 1983)
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In re Archer

30 Citing cases

  1. In re Hoffman

    51 B.R. 42 (Bankr. W.D. Ark. 1985)   Cited 39 times

    Upon the filing of the petition, funds on deposit at a bank become property of the estate held by a third party and are subject to the turnover provisions of 11 U.S.C. § 542. In re Archer, 34 B.R. 28 (Bkrtcy.N.D.Tex., Lubbock D. 1983); 4 Collier on Bankruptcy ¶¶ 541.11 and 542.11 (15th Ed. 1984). However, this section excludes from a turnover the amount of any setoff. 11 U.S.C. § 542(b) Except as provided in subsection (c) or (d) of this section, an entity that owes a debt that is property of the estate and that is matured, payable on demand, or payable on order, shall pay such debt to, or on the order of, the trustee, except to the extent that such debt may be offset under section 553 of this title against a claim against the debtor.

  2. In re Gehrke

    158 B.R. 465 (Bankr. N.D. Iowa 1993)   Cited 13 times
    Holding bank's failure to assert right of setoff at time of turning over proceeds of debtor's bank accounts to the Trustee barred bank from asserting a right of setoff a year and a half later

    11 U.S.C. § 506(a). In In re Archer, 34 B.R. 28 (Bankr.N.D.Texas 1983), the debtor owed the bank $420,000.00. On the same day that she filed her chapter 11 bankruptcy petition, she requested the bank to cash a certificate of deposit for $8,000.00.

  3. In re Bass Mechanical Contractors, Inc.

    84 B.R. 1009 (Bankr. W.D. Ark. 1988)   Cited 8 times
    Financing statement in name of "Bass Plumbing, Heating and Cooling, Inc.: effective as to "Bass Mechanical Contractors, Inc."

    If a creditor does not obtain relief from the automatic stay prior to exercising its right of set-off, a creditor violates the automatic stay provisions. In re Hoffman, 51 B.R. at 45; In re Archer, 34 B.R. 28, 30 (Bankr.N.D.Tex. 1983). Therefore, when a bankruptcy is filed, a bank claiming a right of set-off in a debtor's account may be faced with a dilemma — whether it should turn over proceeds of debtor's account or whether it should exercise its set-off rights in violation of the automatic stay.

  4. In re Williams

    61 B.R. 567 (Bankr. N.D. Tex. 1986)   Cited 53 times
    Placing burden on Chapter 11 debtor-in-possession

    The Debtor's use of this cash collateral is absolutely prohibited by the terms of Section 363 unless the creditor affirmatively consents to use of the cash collateral; or the Court, after notice and a hearing, authorizes such use in accordance with Section 363(c). In Re Archer, 34 B.R. 28, 30 (Bankr.N.D.Tex. 1983). Because of this Court's determination that the Bank has a valid right of offset, William's cause of action for a turnover must be denied in its entirety.

  5. Schoenmann v. Bank of the W. (In re Tenderloin Health)

    849 F.3d 1231 (9th Cir. 2017)   Cited 19 times   2 Legal Analyses

    See Citizens Bank of Md. v. Strumpf, 516 U.S. 16, 20, 116 S.Ct. 286, 133 L.Ed.2d 258 (1995) (noting that requiring a creditor immediately to turnover funds on account "would divest the creditor of the very thing that supports the right of setoff"); In re Mauch Chunk Brewing Co., 131 F.2d 48, 49 (3d Cir. 1942) (finding that when trustee withdrew funds from account with bank's knowledge of bankruptcy filing, bank's acquiescence was "tantamount to renunciation of its privilege of setoff"). If BOTW loses this preference action, it might be able revive its right of setoff given "court[s] may remedy the effect of an inadvertent, involuntary or improper dissipation of the creditor's interest." Collier ¶ 553.07; see also In re Archer, 34 B.R. 28, 31 (Bankr. N.D. Tex. 1983) (finding where bank had mistakenly turned over property it did not intentionally waive its right of setoff). Still, even allowing for that possibility, it would not be reasonable to assume the trustee had an incentive to challenge the deposit from the outset of this proceeding.

  6. Felt v. C.I.R

    433 F. App'x 293 (5th Cir. 2011)   Cited 7 times

    See Tex. Commerce Bank-Hurst, N.A. v. United States, 703 F.Supp. 592, 594-95 (N.D.Texas, 1988), aff'd. sub nom., Texas Commerce Bank-Fort Worth, N.A. v. United States, 896 F.2d 152 (5th Cir. 1990); In re Archer, 34 B.R. 28, 30 (Bankr.N.D.Tex. 1983); Shearson Lehman Bros., Inc. v. Resolution Trust Corp., No. 05-93-00527-CV, 1994 WL 60907, *3 (Tex.App.-Dallas, Feb.23, 1994, no pet.) (not designated for publication). The Tax Court held that the debt was cancelled in 1987, the year the maturity date of the latest AGI note passed with no payment on the loan.

  7. In re Rush-Hampton Industries, Inc.

    98 F.3d 614 (11th Cir. 1996)   Cited 20 times
    Holding that "the otherwise harmless violation of the automatic stay [did not] suffice to deprive the IRS of the post-petition interest setoff to which ... it would have been entitled had it first sought a lifting of the stay from the bankruptcy court"

    A primary purpose of the automatic stay provision is to afford debtors in Chapter 11 reorganizations an opportunity to continue their businesses with their available assets. H.R. Rep. No. 595, 95th Cong., 1st Sess. 183 (1977), reprinted in 1978 U.S. Code Cong. Admin. News at 6144; In re Archer, 34 B.R. 28, 29-30 (Bankr.N.D.Tex. 1983). Small Business Admin. v. Rinehart, 887 F.2d 165, 166 (8th Cir. 1989) (Chapter 11 bankruptcy proceeding).

  8. In re Charter Co.

    913 F.2d 1575 (11th Cir. 1990)   Cited 79 times
    Holding that turnover proceedings should not be used to liquidate disputed claims

    In re Chick Smith Ford, 46 B.R. at 518; see, e.g., In re Archer, 34 B.R. 28 (Bankr.N.D.Tex. 1983) (fully liquidated and undisputed bank deposits to be offset against outstanding loan); see also In re Welch, 29 B.R. 819 (Bankr.M.D.Tenn. 1982).

  9. Small Business Admin. v. Rinehart

    887 F.2d 165 (8th Cir. 1989)   Cited 92 times
    Finding violation of automatic stay where creditor put a hold on funds the debtor was entitled to receive instead of turning the funds over to the bankruptcy estate as requested by the trustee

    A primary purpose of the automatic stay provision is to afford debtors in Chapter 11 reorganizations an opportunity to continue their businesses with their available assets. H.R. Rep. No. 595, 95th Cong., 1st Sess. 183 (1977), reprinted in 1978 U.S. code Cong. Admin. news at 6144; In re Archer, 34 B.R. 28, 29-30 (Bankr.N.D.Tex. 1983). The farm program payments held by the SBA in this case represented deficiency corn crop payments for the 1986 crop year.

  10. In re Public Service Co. of New Hampshire

    884 F.2d 11 (1st Cir. 1989)   Cited 75 times
    Discussing setoff generally

    For this reason, we rule that NHEC, under the circumstances and notwithstanding the enforced payment of its prepetition debt to PubServ, retained standing to press its alleged offsetting claim. Cf. In re Archer, 34 B.R. 28, 30-31 (Bankr.N.D.Tex. 1983). Setoffs — Generally