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Bankruptcy Keyed to Bussel, 12th Ed.
Norwest Bank Nebraska v. Tveten
Citation:
848 F.2d 871 (1988)Facts
Dr. Omar Tveten, a 59-year-old physician with no dependents, had invested in various real estate developments that initially were successful but later soured, leaving him personally liable for nearly $19 million in debt, primarily from personal guarantees on these investments. Before filing for Chapter 11 bankruptcy on January 7, 1986, Tveten consulted counsel and engaged in pre-bankruptcy planning. He liquidated almost all of his non-exempt property worth approximately $700,000 through seventeen separate transfers and converted it into life insurance or annuity contracts with the Lutheran Brotherhood, a fraternal benefit association. Under Minnesota law, these assets were exempt from creditors’ claims with no monetary limit. Tveten conceded that his purpose in making these transfers was to shield his assets from creditors. Several creditors had already commenced lawsuits against him, with one creditor obtaining a $139,657 judgment before his bankruptcy filing.
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