Bonded Financial Services, Inc., Debtor-Appellant v. European American Bank

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that a bank was not an initial transferee because it held funds “only for the purpose of fulfilling an instruction to make the funds available to someone else”
• stating that a mere conduit holds funds “only for the purpose of fulfilling an instruction to make the funds available to someone else”
• noting that one may not be both the entity for whose benefit the initial transfer was made and a subsequent transferee
• finding that a bank became a mediate, but not initial, transferee only after the debtor-transferor directed it to apply funds initially transferred to the debtor’s account toward repayment of a loan from the bank
• finding the bank to have dominion over the funds when, 10 days after the initial transfer, the debtor transferred them to the bank to reduce an existing loan
• using it to “slice . . . off” unnecessary analytical steps

Source: CourtListener parenthetical corpus (CC0).