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IN RE PROPERTY LEASING & MANAGEMENT, INC.

Bankruptcy No. 3-82-01397, Adv. No. 3-82-1025.

46 B.R. 903 (1985)

In re PROPERTY LEASING & MANAGEMENT, INC., Debtor. Douglas WICKHAM, Trustee, Plaintiff, v. UNITED AMERICAN BANK, First Tennessee Bank, Knoxville, Tennessee, and the Federal Deposit Insurance Corporation, Defendants, and United American Bank of Memphis (formerly Central Trade Bank of Memphis and United American Bank in Memphis), Intervening Defendant. FIRST TENNESSEE BANK, Knoxville, Tennessee, Counterclaimant, v. Douglas WICKHAM, Trustee, Counterdefendant. UNITED AMERICAN BANK OF MEMPHIS (formerly Central Trade Bank of Memphis and United American Bank in Memphis), Counterclaimant, v. Douglas WICKHAM, Trustee, Counterdefendant. UNITED AMERICAN BANK OF MEMPHIS (formerly Central Trade Bank of Memphis and United American Bank in Memphis), Cross-claimant, v. FIRST TENNESSEE BANK, Knoxville, Tennessee, and the Federal Deposit Insurance Corporation, Cross-defendants.

United States Bankruptcy Court, E.D. Tennessee.

March 7, 1985.

Attorney(s) appearing for the Case

Bass, Berry & Sims, L. Wearen Hughes, Wallace W. Dietz, Nashville, Tenn., for plaintiff-trustee.

Bernstein, Susano, Stair & Cohen, Doris C. Allen, Knoxville, Tenn., for First Tennessee Bank, Knoxville, Tenn.

Morton, Lewis, King & Krieg, Deborah C. Stevens, Knoxville, Tenn., for Federal Deposit Ins. Corp.

Baker, Worthington, Crossley, Stansberry & Woolf, James E. Drinnon, Knoxville, Tenn., for United American Bank of Memphis.

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge.

At issue is whether certain repayments by the debtor of its indebtedness on two loans constitute avoidable preferential transfers under 11 U.S.C.A. § 547 (1979).

Also at issue is whether a bank attempting to assert its right of setoff with respect to funds in the debtor-depositor's checking account may be charged with knowledge of the trust character of the funds so as to preclude the bank's right...

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