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SULLIVAN v. BUCKHORN RANCH PARTNERSHIP

No. 100,618.

119 P.3d 192 (2005)

2005 OK 41

John R. SULLIVAN, an Individual, Plaintiff/Appellant, v. BUCKHORN RANCH PARTNERSHIP, a Texas General Partnership; Joe P. Sullivan, an Individual; Mark J. Sullivan, an Individual; BH Ranch, Ltd., a Texas Limited Partnership; Grand Prairie State Bank, a Texas State Banking Institution, Defendants/Appellees.

Supreme Court of Oklahoma.

June 14, 2005.

Attorney(s) appearing for the Case

Jon R. Running, Tulsa, OK, for Plaintiff/Appellant.

Phil S. Hurst, Sulphur, OK, for Defendants/Appellees Buckhorn Ranch Partnership, Joe P. Sullivan, and Mark Sullivan.

Mark W. Kuehling, Oklahoma City, OK, for Defendants/Appellees BH Ranch, Ltd., and Grand Prairie State Bank.

KAUGER, J.

¶ 1 Title 11 U.S.C.A. § 5541 of the United States Bankruptcy Code governs abandonment of bankruptcy estate property. It allows the court to order the trustee to abandon any estate property that is burdensome or of inconsequential value and benefit to the estate.2 When an asset has been abandoned by the trustee, it is no longer part of the bankruptcy...

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