United Savings Association of Texas v. Timbers of Inwood Forest Associates, LTD. (484 U.S. 365)
U.S. Supreme Court · decided January 20, 1988 · Supreme Court Database (Spaeth)
- Citation
- 484 U.S. 365 · 108 S. Ct. 626
- Decided
- January 20, 1988
- Term
- October Term 1987
- Vote
- 8–0
- Majority author
- Justice Scalia
- Issue area
- Economic Activity
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Liberal
Opinion excerpt
Justice Scalia delivered the opinion of the Court. Petitioner United Savings Association of Texas seeks review of an en banc decision of the United States Court of Appeals for the Fifth Circuit, holding that petitioner was not entitled to receive from respondent debtor, which is undergoing reorganization in bankruptcy, monthly payments for the use value of the loan collateral which the bankruptcy stay prevented it from possessing. In re Timbers of Inwood Forest Associates, Ltd., 808 F. 2d 363 (1987). We granted certiorari, 481 U. S. 1068 (1987), to resolve a conflict in the Courts of Appeals regarding application of §§361 and 362(d)(1) of the Bankruptcy Code, 11 U. S. C. §§361 and 362(d)(1) (1982 ed. and Supp. IV). Compare Grundy Nat. Bank v. Tandem Mining Corp., 754 F. 2d 1436, 1440-1441 (CA4 1985); In re American Mariner Industries, Inc., 734 F. 2d 426, 432-435 (CA9 1984); see also In re Briggs Transp. Co., 780 F. 2d 1339, 1348-1351 (CA8 1985). I On June 29, 1982, respondent Timbers of Inwood Forest Associates, Ltd., executed a note in the principal amount of $4,100,000. Petitioner is the holder of the note as well as of a security interest created the same day in an apartment project owned by respondent in Houston, Texas. The security interest included an assignment of rents from the project. On March 4, 1985, respondent filed a voluntary petition under Chapter 11 of the…
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