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Bankruptcy Keyed to Bussel, 12th Ed.
In re Northern Merchandise
Citation:
371 F.3d 1056 (2004)Facts
In 1997, Northern Merchandise, Inc. was incorporated to sell general merchandise to grocery stores. In February 1998, Frontier Bank loaned $60,000 directly to the company, secured by a commercial financing agreement. In October 1998, when the company sought an additional $150,000 loan, Frontier declined to lend directly to the company but agreed to loan the amount to its shareholders. The loan was structured so that Frontier deposited the proceeds directly into Northern Merchandise’s checking account. On the same day, Northern Merchandise executed a security agreement granting Frontier a security interest in its inventory, accounts, equipment, and intangibles. In March 1999, Northern Merchandise ceased operations with approximately $875,000 in unsecured debt. Shortly thereafter, creditors filed an involuntary Chapter 7 petition against the company.
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