New York Bankruptcy Resources - Loans and Mortgages
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Recent Notable Opinions of the Supreme Court of The United States:
Archer v. Warner, Docket Number: 01-1418 IN THE SUPREME COURT OF THE UNITED STATES ON PETITION FOR WRIT OF
CERTIORARI, Argued January 13, 2003, Decided March 31, 2003.
In 1991, Leonard and Arlene Warner sold the Warner Manufacturing Co. to Elliott and Carol Archer.
Afterward, the Archers complained and sued the Warners for fraud in connection with the sale
of the company. In a later settlment of the fraud suit, the Archers
executed releases except for obligations under a $100,000 promissory note and then voluntarily dismissed the
lawsuit. After the Warners failed to make the first payment on the promissory note, the Archers sued in state
court. The Warners filed for bankruptcy, and the Bankruptcy Court ordered liquidation under Chapter 7. The Archers
then brought a claim asking the Bankruptcy Court to find the $100,000 debt nondischargeable and to order the
Warners to pay the sum. The Bankruptcy Code provides that a debt shall not be dischargeable in bankruptcy "to the
extent" it is "for money...obtained by...false pretenses, a false representation, or actual fraud." The Bankruptcy
Court denied the Archers' claim. The District Court and the Court of Appeals affirmed. In a 7-2 opinion delivered
by Justice Stephen G. Breyer, the Court held that a debt for money promised in a settlement agreement accompanied
by the release of underlying tort claims can amount to a debt for money obtained by fraud, within the
nondischargeability statute's terms. "We conclude that the Archers' settlement agreement and releases may have
worked a kind of novation, but that fact does not bar the Archers from showing that the settlement debt arose out
of 'false pretences, a false representation, or actual fraud,' and consequently is nondischargeable," wrote
Justice Breyer. Justice Clarence Thomas, with whom Justice John Paul Stevens joined, dissented.
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