In re 495 Central Avenue Corporation

136 B.R. 626 (1992)

Study Aids
Case Briefs Overview
Casebooks
Case Briefs
I
From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

In re 495 Central Avenue Corporation

United States Bankruptcy Court for the Southern District of New York
136 B.R. 626 (1992)

CS

Facts

495 Central Avenue Corporation (debtor) owned a parcel of real estate and a building subject to a mortgage held by John Hancock Mutual Life Insurance Company (creditor). John Hancock perfected its security interest in the building and was the priority lienholder. 495 Central defaulted on the mortgage and John Hancock moved to foreclose on the property. 495 Central filed for bankruptcy and the lower court stayed the foreclosure proceeding. As the debtor in possession, 495 Central sought permission from the bankruptcy court to obtain financing to undertake renovations to the property. Under the financing agreement, the post-petition lenders financing the renovations would be given a lien in the property that would have priority over John Hancock’s pre-petition lien. 495 Central’s principals had unsuccessfully tried to obtain other types of financing. John Hancock objected.

Rule of Law

Issue

Holding and Reasoning (Schwartzberg, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 810,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 810,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 810,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership

Casebooks

Secured Transactions

Key Terms