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Bankruptcy Keyed to Bussel, 12th Ed.
In re National Gas Distributors, L.L.C.
Citation:
346 B.R. 394 (2006)Facts
National Gas Distributors, LLC (NGD), owned by Paul Lawing, had several credit arrangements with BB&T including a line of credit, a working capital loan, and letters of credit. None of NGD’s obligations to BB&T were secured by NGD’s assets, but all were guaranteed by Mr. Lawing and his wife, and were secured by Mrs. Lawing’s assets. Both the line of credit and working capital loan had been extended multiple times, with the final maturity date for both set at December 23, 2005. On December 15, 2005, NGD paid $755,329.80 to BB&T to satisfy the line of credit, and on December 19, 2005, paid $2,508,186.35 to satisfy the working capital loan. BB&T’s loan officer stated these payments were made as part of the Lawings’ “end-of-the-year estate planning” and that BB&T had not requested or demanded payment. NGD filed for bankruptcy on January 20, 2006, and the trustee sought to recover these payments as preferences. BB&T defended by arguing the payments were made according to “ordinary business terms” in the banking industry.
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