In re Sheskey

263 B.R. 264 (2001)

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In re Sheskey

United States Bankruptcy Court for the Northern District of Iowa
263 B.R. 264 (2001)

Facts

Angie Sheskey (the daughter) loaned her brother, Dennis Sheskey (the son) (debtor), $30,000. The son printed out a promissory note (the note) form that he found online, filled in certain information regarding the loan, and kept possession of the note. Page three of the note contained preprinted-assignment language, which the son initially left blank. The daughter needed money to purchase a house, so her parents, John and Twila Sheskey (the parents) (creditors), wrote her two checks for $30,000 total. The parents indicated on the checks’ memo line “Repayment of Loan,” and entered into a valid oral agreement with the daughter in which the daughter assigned right to payment under the note to the parents. At that time, the son filled in the assignment language on page three of the note. No one signed the assignment page, and the son kept possession of the note. Thereafter, the son filed for bankruptcy. During bankruptcy proceedings, the parents asserted a claim for repayment of the loan. The bankruptcy trustee sought to disallow the parents’ claim on the grounds that the parents could not enforce the note because the note was never delivered to the daughter or the parents.

Rule of Law

Issue

Holding and Reasoning (Kilburg, C.J.)

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