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In re Victory Markets, Inc.

212 B.R. 738 (1997)

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In re Victory Markets, Inc.

United States Bankruptcy Court for the Northern District of New York
212 B.R. 738 (1997)

DH

Facts

Before September 20, 1995, Victory Markets, Inc. (Victory) (debtor) agreed to purchase goods in the ordinary course of business from Imperial Distributors, Inc. (Imperial) (creditor) for $101,985.45. On September 20, 1995, before paying for the goods, Victory filed for bankruptcy. On the same date, after learning of Victory’s bankruptcy filing and within 10 days of delivering the goods to Victory, Imperial asserted a reclamation right as to the goods in writing to Victory. During bankruptcy proceedings, Imperial claimed entitlement to an administrative-expense claim in the amount of $101,985.45 pursuant to 11 U.S.C. § 546(c) (Code § 546) and Uniform Commercial Code (UCC) § 2-702. Victory argued that Imperial did not have a valid reclamation right because Victory had two secured creditors with prior perfected security interests in the form of a floating lien on all of Victory’s inventory, which covered the goods in question.

Rule of Law

Issue

Holding and Reasoning (Gerling, C.J.)

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