Foreclosed Property: Related Rights May Be Tricky

Remarkable to find a bankruptcy judge not buying every aspect the trustee submits to the court.

Bankruptcy-RealEstate-Insights

Cooper v. WPD Polar Ridge, LLC (In re Poplar Ridge, LLC), 526 B.R. 147 (W.D. N.C. 2015) –

After a developer defaulted, the trustee under a deed of trust held a pre-petition foreclosure sale.  The issue was whether the developer debtor’s “declarant rights” were included in the property that was transferred in the sale.  The bankruptcy trustee contended that the rights should not have been transferred and sought to set aside the conveyance.

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