In re Chris-Don, Inc.
United States District Court for the District of New Jersey
367 F. Supp. 2d 696 (2005)
Chris-Don, Inc. (debtor) operated a tavern under an alcoholic beverage license issued by a New Jersey municipality. Chris-Don borrowed $300,000 from United (creditor) and granted United a security interest in its assets, including intangibles. Chris-Don filed for bankruptcy. The bankruptcy trustee sold the license. United alleged it was entitled to the proceeds of the license sale despite a New Jersey state law prohibiting alcoholic beverage licenses being granted as collateral. The bankruptcy court granted summary judgement in favor of United and the bankruptcy trustee appealed.
Rule of Law
Holding and Reasoning (Cooper, J.)
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