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In re Circle 10 Restaurant, LLC

519 B.R. 95 (2014)

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In re Circle 10 Restaurant, LLC

United States Bankruptcy Court for the District of New Jersey
519 B.R. 95 (2014)

SH

Facts

Circle 10 Restaurant, LLC (debtor) operated a restaurant with a liquor license. Circle 10 obtained a loan from Northern Bank and Trust Co., and the parties executed a security agreement that granted Northern Bank a security interest in all of Circle 10’s rights to all of its personal property, including, among other things, its general intangibles. Northern Bank thereafter assigned to RELM, LLC (creditor) all of its rights and obligations in the loan and security agreements. When Circle 10 filed for bankruptcy, the trustee appointed to the case sold the liquor license. RELM claimed a security interest in all of Circle 10’s personal property, including the proceeds from the sale of the liquor license. On motion to reclassify RELM’s alleged secured claim, the trustee argued that RELM’s security interest never attached to the liquor license because liquor licenses were not property subject to lien or attachment under New Jersey state law.

Rule of Law

Issue

Holding and Reasoning (Gambardella, J.)

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