- Other than the human beings, all other things are property. We will exempt other things based on the public policy.
- What is the value of this car? Let’s suppose it is $4990, and is secured for $5K. It is still the property of estate, because it is property.
- Because the debtor has zero equity in it, there is no value to the estate.
- Snapshots don't have real value, only an extortionist value and may degrade the people that are in the pictures.
- Does it depend on that his uncle left to him? Spendthrift trust is an exemption; it cannot alienate. If the stock is the spendthrift trust, how about the dividends?
- There is a controversy whether the dividends of the spendthrift trust are part of the estate. If they are, does this undermine the importance that spendthrift trust is not a part of the estate?
- On the state property laws under which who owns the glove? If it is the debtor’s glove, no matter who possesses it, it is still the property of the estate.
- Salary for month prior is part of the state regardless of when check was received
- The debtor got the money. Post-petition earnings
- March 1 sold; April 1 filed for bankruptcy. On March 1: $10; April 1: $15; May 1: $20; $150,000 belongs to the estate, and the other $50K belongs to Frances???
- Farmer’s contract is part of the estate. The trust has an equitable and legal right to enforce the contract.
- But what if Frances refuses to harvest the wheat since she doesn't own the wheat? She was under contractual obligation. But the bankruptcy estate now owns the contract. Would the trustee hire Frances to harvest it?
Problem Sets: Table of Contents
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