$4M Bank Loan May Belong To Bankrupt Title Co.: 6th Circ.

Law360, New York (July 31, 2013, 5:57 PM EDT) -- The Sixth Circuit said Wednesday that $4.1 million a PNC Bank NA predecessor had provisionally forwarded to a client could amount to a fraudulent transfer, saying the funds probably belong to a bankrupt Ohio title company.

A three-judge panel said that the temporary credit PNC Bank extended to loan intermediary Dayton Title, a typical service for commercial checking accounts while checks are clearing, didn't belong to the lenders that loaned the funds to a real estate developer who, it turned out, had written a fake check...
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