From our private database of 26,900+ case briefs...
In re WL Homes, LLC
United States Court of Appeals for the Third Circuit
534 Fed. Appx. 165 (2013)
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
Holding and Reasoning (Chagares, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 540,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 540,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 26,900 briefs, keyed to 983 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.