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Bankrupt Oil Co. Can Keep $5.5M In Disputed Cash: 9th Circ.

By Ryan Boysen (March 11, 2019, 8:15 PM EDT) -- The liquidation trustee for Pettit Oil Co. can hold on to roughly $5.5 million in cash and accounts receivable the company owed to a fuel supplier when it filed for bankruptcy, the Ninth Circuit ruled Monday, a first-of-its-kind decision that the definition of "goods" in the Uniform Commercial Code includes money. ...

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