Jones v. Society Bank & Trust (In Re Riggs)

How courts have described this case

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

• holding “If ... the property owner is a third party who could only assert a general unsecured claim against the bankruptcy estate had the payments not been made, the transfers should be regarded as preferences not within the exception of § 547(c)(1).”
• creditor’s forbearance of its preexisting right to repossess collateral following debtor’s default, in exchange for permitting debtor to cure default, not “new value”
• forbearance from exercising a previously existing right is not “new value” within the meaning of § 547(c)(1)

Source: CourtListener parenthetical corpus (CC0).