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IN RE MAINELY PAYROLL, INC.

Bankruptcy Nos. 96-10533, 96-10542, 96-10543, Adversary No. 98-1049.

233 B.R. 591 (1999)

In re MAINELY PAYROLL, INC., Clifford J. Levesque, and Dorothy Levesque, Debtors. P.J. Perrino, Jr., Trustee, Plaintiff, v. Salem, Inc., et al., Defendants.

United States Bankruptcy Court, D. Maine.

May 4, 1999.

Attorney(s) appearing for the Case

Rufus E. Brown, Portland, Maine, for plaintiff.

Louis H. Kornreich, James R. Wholly, Bangor, Maine, for Salem, Inc., defendant.

Memorandum of Decision

JAMES B. HAINES, Jr., Chief Judge.

Submitted for decision on a stipulated record is the trustee's action to recover a fraudulent transfer from Salem, Inc. Because I conclude that Salem is an "immediate or mediate transferee" of the initial transferee and because Salem took the property it received for value, in good faith, and without knowledge that the transfer was voidable, judgment will enter in its favor.

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