Lubman v. C.A. Guard Masonry Contractor, Inc. (In Re Gem Construction Corp. of Virginia)
262 B.R. 638 | United States Bankruptcy Court, E.D. Virginia | 2000
Holding Summary
A subcontractor's release of mechanics' liens in exchange for payment constitutes new value under bankruptcy law only if the liens were actually secured by estate assets at the time of transfer; here, C.A. Guard failed to prove lien value while Stovall succeeded by releasing a fully-secured surety bond claim.
The time for judging new value is when the transfer occurred.
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