April 17, 2014 4th Circuit published opinion

Anderson v Architectural Glass Construction Inc. (in re Pfister)

Anderson, trustee in Pfister’s bankruptcy case, sued to have the transfer of real property to Construction set aside as constructively fraudulent. The bankruptcy court granted the relief, but, the district court reversed finding there was a resulting trust in favor of Construction. The panel, 2-1, reversed and remanded. The majority held that, under South Carolina law because Construction did not commit to pay for the property at the time of the first mortgage and intended to lease the land at that time, there was no trust on the property. The case was remanded to consider other issued raised in the appeal from the bankruptcy court. The dissent argued that Pfister always intended to have construction own the land and Construction evidenced its intent to have equitable title by paying the mortgage and building buildings on the site.

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