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IN RE NAT WARREN CONTRACTING CO., INC.

Bankruptcy No. 88-01157-N-B, Adv. No. 88-1071-N-B.

95 B.R. 37 (1989)

In re NAT WARREN CONTRACTING CO., INC. ALEXANDER & JONES, a Virginia General Partnership, Plaintiff; v. NAT WARREN CONTRACTING CO., INC.; and Sovran Bank, N.A., Defendants.

United States Bankruptcy Court, E.D. Virginia.

January 17, 1989.

Attorney(s) appearing for the Case

Stuart L. Nachman, Kalfus, Nachman & Stanley, Norfolk, Va., for Alexander & Jones.

Frank J. Santoro, Portsmouth, Va., for Nat Warren, Marcus and Santoro.

Thomas E. Cabaniss, Thomas E. Cabaniss and Ann R. Bergan, Norfolk, Va., for Sovran Bank, McGuire, Woods, Battle & Boothe.

MEMORANDUM OPINION

HAL J. BONNEY, Jr., Bankruptcy Judge.

This case concerns a bank's right to use the 11 U.S.C. § 553(a) setoff remedy on an account bearing the debtor's name but set up by a third party as a special account to help the debtor meet its payroll. Upon the filing of a Chapter 11 petition by the debtor, Sovran has frozen the account and would seek to apply the balance of the account to setoff an obligation of the debtor as provided in 11...

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