(6th Cir. May 2, 2017)
The Sixth Circuit reverses the bankruptcy court, finding that the assignment of rents acted as a complete transfer of ownership and the assignor did not retain any interest in the rents. The court analyzes Michigan law on such assignments and concludes that because the debtor/assignor had no rights in the rents assigned, they were not property of the bankruptcy estate. Opinion below.
Attorney for Appellant: Robert N. Bassel
Attorney for Appellee: Jeremy S. Friedberg