Heide, et al. v. Juve, et al., No. 11-6006 (8th Cir. 2011)
Annotate this CaseDebtor appealed from the bankruptcy court's grant of summary judgment to creditor, holding a debt in the amount of $400,000, nondischargeable pursuant to section 523(a)(2)(A) of Title 11 of the United States Code (Bankruptcy Code). The court held that summary judgment was improper because there existed fact issues regarding whether (1) the financing arrangement should be treated as if it was between the debtor and creditor, or between Imports Plus, Inc. and the creditor; and (2) whether the debtor obtained the majority of funds from the creditor at the time of the alleged misrepresentation.
Court Description: Bankruptcy Appellate Panel. The undisputed facts, viewed in the light most favorable to debtor, do not support a determination that the creditor's financing arrangement was with the debtor; at the time of the loans, debtor's representations concerning the value of his inventory were not false, and he could not, therefore, have obtained the loans by fraud; debtor did not have an ongoing duty under Sec. 523(a)(2)(A) to advise the creditor that the value of the inventory was decreasing and any failure to do so was not fraudulent conduct
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