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Expert Analysis

Caveat Debtor: A Lesson On Priority Of Avoided Liens

Law360, New York (September 11, 2014, 10:29 AM EDT) -- Last month, the United States District Court for the Eastern District of North Carolina affirmed the decision in Skumpija v. Warren (In re Skumpija), in which the Bankruptcy Court for the Eastern District of North Carolina held that a lien avoided because it was invalid under applicable state law was preserved for the estate under Section 551 of the Bankruptcy Code, but the estate's interest was subordinate to all other secured interests. The decision provides a good opportunity to understand the extent to which lien avoidance benefits a debtor's estate, as opposed to other lien holders waiting for a boost up the secured ladder....

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