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Analysis of Recent Real Estate Sector Bankruptcy Rulings
Continuing to provide analysis on distressed real estate cases, we decided to report on two cases that present different issues. One involves the debtor's sale of real estate over the objection of the secured lender, which was approved. The other involves a debtor's attempt to enjoin a construction bond company from continuing to pay claims by subcontractors after the filing of the bankruptcy case, which was denied.
Real Estate Sale Permitted Over Objection by Allegedly Undersecured Lender
The first case is in In re Lee, Case No. 19-71337- JTL (Bankr. M.D. Ga. 2024), where the debtor sought bankruptcy court approval of a sale of real property over the objection of a lender with an undisputed lien against the property. According to the opinion, the lender filed a proof of claim for $244,234.76, secured by the debtor's real property, which consisted of a home on 43 acres of land. The debtor proposed to sell 15 of the 43 acres to a third party for $265,000. The motion stated the lender's lien would attach to the proceeds of the sale, and the lender would retain its lien in the remaining 28 acres. The lender objected, claiming the amount owed by the debtor was $294,915.99.
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