Replies to post #7823 on LANDAMERICA (fka LFGRQ)

[detearing]

Conclusion
The Exchange Funds are not excluded from property of the estate pursuant to 11 U.S.C.
§ 541(d) because of the existence of an express trust or as a result of the imposition of a resulting trust. The plain, unambiguous language of the Exchange Agreements clearly establishes that it was not the intent of LES or Millard to create an express trust. As the Exchange Agreements were integrated contracts, Millard cannot use parol evidence to prove the existence of an express trust. Given the parties’ clear intent in the Exchange Agreements not to create an express trust, it is inappropriate for the court to impose a resulting trust upon
them.

[detearing]

Therefore, the Court will
deny Millard's motion for partial summary judgment and grant partial summary judgment in favor of the Committees against Millard. The Court will dismiss Millard’s requested relief for declaratory judgment and injunctive relief as set forth in Counts I and II of its Complaint. A separate order shall issue.

ENTERED: _____________________


/s/ Kevin R. Huennekens

UNITED STATES BANKRUPTCY JUDGE

[detearing]

ORDER


In accordance with the Memorandum Opinion entered this date, the Court having found therein that the “Exchange Funds” (as that term is defined in the Memorandum Opinion) deposited into segregated bank accounts of Defendant Debtor LandAmerica 1031 Exchange Services, Inc. (“LES”) for the purpose of facilitating like-kind exchange transactions for Millard Refrigerated Services, Inc. (“Millard”) constitute property of the bankruptcy estate of LES, and are not held by LES pursuant to a resulting trust or an express trust for the benefit of Millard,
IT IS ORDERED that the motion for partial summary judgment of Plaintiff Millard
Refrigerated Services, Inc., is DENIED; and it is further

[detearing]

ORDERED that the motion for partial summary judgment of Intervenor The Official
Committee of Unsecured Creditors of LandAmerica Financial Group, Inc., is GRANTED; and it is further
ORDERED that the motion for partial summary judgment of Intervenor The Official
Committee of Unsecured Creditors of LandAmerica 1031 Exchange Services, Inc., is
GRANTED; and it is further
ORDERED that Count I and Count II of the Complaint filed by Plaintiff Millard Refrigerated Services, Inc. be, and they hereby are, DISMISSED.

ENTERED: _____________________

/s/ Kevin R. Huennekens

UNITED STATES BANKRUPTCY JUDGE

[detearing]

Wake up LandAmerica, you sleepy $green$ giant!

Good Morning Grumman, FF03, and Arnold!