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Commercial Law Keyed to Zierdt, 1st Ed.
Chorches v. Ogden (In re Bolin & Co., LLC)
Citation:
437 B.R. 731 (2010)Facts
Bolin & Company was a jewelry retailer opened in 2000 by Andrea Ulanoff and Noah Citrin. The store sold both owned jewelry and jewelry held on consignment from vendors. In July 2002, Sally Ogden, a Greenwich homemaker and frequent customer, loaned $270,000 to Bolin. This loan was secured by a security agreement that defined default broadly to include encumbrances on collateral and judgments against the debtor. Throughout its existence, Bolin had cash flow problems and frequently pawned jewelry, including consigned items, to generate cash.
In late July 2004, while Ulanoff and Citrin were in Italy, Ogden discovered that Bolin had been pawning consigned jewelry. With the help of Bolin’s store manager Shannon Howey, Ogden contacted vendors to inform them of Bolin’s pawning activities and arranged for them to retrieve their consigned jewelry. Ogden also repossessed Bolin’s owned inventory as collateral for her loan. When Ulanoff returned, she found the store emptied of inventory and closed. Bolin filed for Chapter 7 bankruptcy on August 20, 2004.
The bankruptcy trustee sued Ogden, claiming she tortiously interfered with Bolin’s business relationships, wrongfully repossessed collateral, converted Bolin’s property, and committed other torts. Ogden defended that she was within her rights as a secured creditor to repossess collateral after Bolin defaulted by pawning jewelry and having judgments entered against it.
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