For Your Data Inward Re Treasure Isle Nation Trust Example Brief Summary

In re Treasure Island Land Trust instance brief summary

Plaintiff	The debtor is non entitled to endure a Debtor
Case Facts	- Petition filed inwards advert of TILT on Nov 29, 1979 - Nov thirty secured creditors moved to dismiss the petition on the ground that the Trust is non entitled to endure a DEBTOR. - Trust: contractual document Land Trust Agreement. 1971. - §109(a) exclusively a persona that resides inwards the U.S.A. or has a dwelling a house of delineate of piece of occupation concern or belongings inwards the U.S.A. tin endure a debtor… (d) exclusively a mortal that may endure a debtor nether CH 7…definition of mortal inwards §101(41)…definition of venture §101(9) Includes delineate of piece of occupation concern trusts.
Issue	TILT is inwards reality a elementary trust in addition to every bit such it cannot endure a debtor nether the Bankruptcy Code. Movants presented a displace to dismiss.
Holding	Motion to dismiss granted.
Analysis	- Debtor's argument: Contends that it is a delineate of piece of occupation concern trust. (Illinois trust dry ground is like to delineate of piece of occupation concern trust, introduce dry ground law.) However, nowhere inwards the musical instrument does the give-and-take dry ground trust appear, non Illinois. Florida Law governs this case. Look at economical realities, non the form! Created to send on delineate of piece of occupation concern in addition to thence carve upward profits. Operates every bit a delineate of piece of occupation concern enterprise. Unable to indicate to whatsoever delineate of piece of occupation concern activity. Court is faced alongside continuous assertions in addition to comport to the contrary: SEC filing. Trust sought to avoid registration requirements of Securities laws. Estoppel theory binding the creditor to its ain representations? The movants ground that they are not: await at the linguistic communication of the instruments creating the trust. Difference betwixt delineate of piece of occupation concern trust in addition to others is that it is created alongside the role of carrying on around sort of delineate of piece of occupation concern or commercial activeness for profit. (object of the others: protect in addition to save the trust assets) Language of H5N1 five Trusts: “to concord championship in addition to protect in addition to conserve belongings until sale, liquidation or disposition” -Equity consideration: embraces consistency. The Courts persuasion is that TILT has instruct a delineate of piece of occupation concern trust on Nov 29, 1979 a solar daytime afterward it filed its petition. TILT is non registered inwards Florida every bit a delineate of piece of occupation concern trust every bit Florida constabulary requires. -TILT does non qualify every bit a delineate of piece of occupation concern trust inside the important of the code. The displace to dismiss granted.

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