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Bankruptcy Keyed to Bussel, 12th Ed.
Hanson v. First National Bank in Brookings
Citation:
848 F.2d 866 (1988)Facts
The Hansons were farmers who defaulted on loans from First National Bank. Before filing for bankruptcy, they consulted an attorney who advised them to sell certain non-exempt property. They sold a car, two vans, and a motor home to their son Ronald for $27,115 (the appraised value), which he purchased with a bank loan. They also sold household goods and furnishings to Kenneth’s brother Allen for $7,300 (the appraised value). A couple of weeks before filing their bankruptcy petition, the Hansons used these proceeds to purchase life insurance policies with cash surrender values of $9,977 and $9,978, and two days before filing, they prepaid $11,033 on their homestead mortgage held by First National. Both the life insurance proceeds (up to $20,000) and the homestead were exempt under South Dakota law. First National objected, claiming the debtors had fraudulently converted non-exempt property to exempt property. The Hansons explained that the vehicles remained on their property because their son still lived with them, and the household goods remained because Allen lived in Alaska and could not immediately retrieve them. The bankruptcy court found no extrinsic evidence of fraud, noting that the Hansons did not borrow money to place into exempt properties, they accounted for all cash received, they had a pre-existing homestead, and they did not obtain goods on credit to convert to exempt property.
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