In re Coop De Consumidores Del Noroeste, 464 B.R. 525 (Bankr. D. Puerto Rico 2012)

(creditor claimed it was beneficiary of PSA statutory trust for unpaid amounts owed by debtor (supermarket operator) pursuant to invoices setting payment term of “net 30 days” from invoice date; while court determined that PSA statutory trust provisions applicable because sales transactions were “cash sales,” creditor did not preserve statutory trust benefits under PSA by providing requisite timely written notice to debtor and USDA within 30 days of each invoice’s due date; assets not excluded from debtor’s Chapter 7 bankruptcy estate).

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter