In re Golden Plan of CA

1 Citing case

  1. In re Woodson Co.

    813 F.2d 266 (9th Cir. 1987)   Cited 71 times
    Finding that transaction was loan based upon debtor's guarantee of monthly interest payments regardless of underlying borrower's performance

    By contrast, Woodson retained all of the obligations of an owner and conducted itself throughout as owner. Simply calling transactions "sales" does not make them so. Labels cannot change the true nature of the underlying transactions.See Helvering v. Lazarus Co., 308 U.S. 252, 255, 60 S.Ct. 209, 210, 84 L.Ed. 226 (1989); In re Berez, 646 F.2d 420, 421 (9th Cir. 1981). From the facts surrounding these transactions we conclude the bankruptcy court was clearly erroneous in finding them purchases and sales. Our court recently decided In re Golden Plan of California, 812 F.2d 1088 (9th Cir. 1987) (second amended opinion). The court held that the transactions were purchases and sales of notes and deeds of trust.