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In re WL Homes, LLC

534 Fed. Appx. 165 (2013)

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In re WL Homes, LLC

United States Court of Appeals for the Third Circuit

534 Fed. Appx. 165 (2013)

Facts

Wayne Stelmar served as chief financial officer (CFO) of WL Homes, LLC (WL Homes) (defendant) and as president of JLH Insurance Company (JLH), a wholly owned subsidiary of WL Homes. In his capacity as CFO of WL Homes, Stelmar negotiated a loan agreement with Wachovia Bank, National Association (Wachovia) (plaintiff), pledging a bank account owned by JLH as collateral. Stelmar subsequently signed two letter agreements extending the loan. One year after the letter agreements were signed, WL Homes filed a bankruptcy petition. A trustee was appointed to represent WL Homes and JLH. Wachovia filed a petition in bankruptcy court for a declaration that its security interest in the JLH account was enforceable. The bankruptcy court granted summary judgment in Wachovia’s favor, holding that JLH had consented to the pledge, giving Wachovia a valid security interest in the account. The trustee appealed, and the district court affirmed the bankruptcy court’s judgment. The trustee appealed the district court’s judgment.

Rule of Law

Issue

Holding and Reasoning (Chagares, J.)

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