Opinion
Case No. 12-19587-DWK Adversary No. 12-00743
12-07-2012
In re: JOAN LESLIE BAYSINGER Debtor. LORI SIMPSON, CHAPTER 7 TRUSTEE Plaintiff, v. BRANCH BANKING AND TRUST COMPANY, Defendant.
Karen H. Moore (Bar No. 10510) Law Office of Lori Simpson, LLC Attorney for the Chapter 7 Trustee Walter R. Kirkman (Bar No. 28032) Nikolaus F. Schandlbauer (Bar No. 8304) Ober, Kaler, Grimes & Shriver, P.C. Attorneys for Branch Banking and Trust Company
SO ORDERED
______________________
U.S. BANKRUPTCY JUDGE
Chapter 7
STIPULATION AND CONSENT ORDER AVOIDING PREFERENTIAL TRANSFER
WHEREAS, Lori Simpson, Chapter 7 Trustee (the "Trustee") has filed a Complaint to Avoid Preferential Transfer (the "Complaint") against Branch Banking and Trust Company ("BB&T") seeking to avoid, pursuant to 11 U.S.C. § 547(b), a judgment lien on Joan Leslie Baysinger's interest in the real property known as 6371 Oxbridge Drive, Salisbury, Maryland 21801 (the "Property");
WHEREAS, the Property is owned by Joan Leslie Baysinger (the "Debtor") and Donald P. Baysinger as tenants by the entireties;
WHEREAS, on April 19, 2012, the Circuit Court for Wicomico County, Maryland entered a judgment by confession against, among others, the Debtor and Donald P. Baysinger in favor of BB&T in the amount of $941,600.65, plus costs of suit and interest (the "Judgment");
WHEREAS, pursuant to Section 11-402(b) of the Courts and Judicial Proceedings Article of the Maryland Annotated Code, the Judgment constitutes a lien to the amount and from the date of the Judgment on the Debtor's interest in land located in Wicomico County, Maryland, including the Property;
WHEREAS, the Judgment was entered within 90 days before the date of the filing of the Debtor's bankruptcy petition;
WHEREAS, the Trustee's Complaint alleges that the Judgment (i) constitutes a transfer of an interest of the Debtor in property; (ii) was entered to or for the benefit of BB&T, (iii) was entered for or on account of an antecedent debt owed by the Debtor to BB&T, (iv) was entered at a time when the Debtor was insolvent and (v) enabled BB&T to receive more than it would have received if the Judgment had not been entered and BB&T received payment as provided by the Bankruptcy Code; and
WHEREAS, BB&T consents to the avoidance of the lien of the Judgment as to the Debtor's interest in the Property without prejudice to BB&T's rights with respect to the lien of the Judgment as to Donald P. Baysinger's interest in the Property as set forth in this Order.
IT IS, THEREFORE, by the United States Bankruptcy Court for the District of Maryland, ORDERED, ADJUDGED AND DECREED THAT:
1. The Court has jurisdiction to determine this adversary proceeding pursuant to 28 U.S.C. § 1334. This is a core proceeding pursuant to 28 U.S.C. § 157(b).
2. The lien of the Judgment on the Debtor's interest in the Property is avoided pursuant to 11 U.S.C. § 547(b).
3. The avoidance of the lien of the Judgment on the Debtor's interest in the Property is without prejudice to BB&T's rights with respect to the lien of the Judgment on Donald P. Baysinger's interest in the Property, which lien is not the subject of this adversary proceeding and shall not be affected by the entry of this Order. Nothing contained in this Order shall preclude or prohibit BB&T from asserting and pursuing its claim with respect to the proceeds from any sale of the Property to be distributed by the Trustee according to the interest of Donald P. Baysinger in the Property.
4. This adversary proceeding shall be CLOSED upon entry of this Order.
STIPULATED AND AGREED TO: ______________________
Karen H. Moore (Bar No. 10510)
Law Office of Lori Simpson, LLC
Attorney for the Chapter 7 Trustee ______________________
Walter R. Kirkman (Bar No. 28032)
Nikolaus F. Schandlbauer (Bar No. 8304)
Ober, Kaler, Grimes & Shriver, P.C.
Attorneys for Branch Banking and Trust
Company
CERTIFICATION OF CONSENT
I HEREBY CERTIFY that the terms of the copy of the stipulation submitted to the Court are identical to those set forth in the original stipulation; and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original stipulation.
______________________
Walter R. Kirkman (Bar No. 28032)
Ober, Kaler, Grimes and Shriver
A Professional Corporation
100 Light Street
Baltimore, Maryland 21202
(410) 347-7350
wrkirkman@ober.com
cc: Karen H. Moore, Esquire
Law Office of Lori Simpson, LLC
1400 South Charles Street, 3rd Floor
Baltimore, Maryland 21230
Walter R. Kirkman, Esquire
Ober, Kaler, Grimes & Shriver
A Professional Corporation
100 Light Street
Baltimore, Maryland 21202