Property of the Estate. That portion of the 1,000,000 shares liquidated by Xxxxxx to pay Interim Awards shall be deemed to be property of the Estate as of the entry of the 9019 Order and is not contingent upon or subject to entry of the Confirmation Order. On the Effective Date of the Plan, the balance of any remaining funds in said account together with such additional portion of the 1,000,000 shares and remaining Plan Funding Shares as required to fund payment of all allowed classified and unsecured claim and disputed claims reserves shall be delivered to the Liquidation Trustee as property of the Estate.
Property of the Estate. In re Odonata Ltd., 2024 WL 728882 (Bankr. S.D.N.Y. 2024) A deposit account that a tenant created and funded with the amount of rent due during its appeal of a case against the landlord, in lieu of a bond, and which the tenant’s lawyer and the appellate court referred to as an “escrow,” was not a true escrow under New York law. A valid escrow requires an agreement that specifies the terms upon which the escrowed property will be released. There was no such agreement in this case, the deposit account was in the name of the tenant, and the tenant at all times had full control of and access to the funds. Consequently, the deposit account became property of the estate when the tenant filed for bankruptcy. Lending, Contracting & Commercial Litigation
