Superintendent of Insurance for the State of New York v. First Central Financial Corp. (In Re First Central Financial Corp.)

How courts have described this case

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

• observing that the segregation of alleged trust funds is a factor that courts consider in distinguishing a trust and a debt in bankruptcy
• declining to apply the Bob Richards holding where the parties had a tax allocation agreement
• bankruptcy trustee for corporate parent “has a legal interest in the Tax Refund” for loss carrybacks of subsidiary based upon consolidated federal income tax returns
• “the I.R.C. does not address the issue of which member of the consolidated group is ultimately entitled to receive a consolidated tax refund.”
• “the subsidiary is not entitled to share in consolidated refund[s] in an amount greater than the amount paid by the subsidiary for its tax liability”
• “this agency is purely procedural in nature, and does not affect the entitlement as among the members of the Group to any refund paid by the I.R.S.”

Source: CourtListener parenthetical corpus (CC0).