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Sections 542 and 543—Turnover of Property of the Estate (2018)

Co-Authored by Gregory J. Flasser

I. INTRODUCTION
Section 542 of the Bankruptcy Code generally requires a noncustodial entity who has possession, custody, or control of property of the estate that the trustee may use, sell, or lease under § 363, or that the debtor may exempt under § 522, to deliver to the trustee the property or the value of the property, and to account for such property.  1 Section 543 similarly requires a custodian with knowledge of the commencement of the case to deliver such property and the proceeds of such property to the trustee and account for such property.  2 This paper reports on opinions regarding turnover published since the 2017 Annual Survey.

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This article appears in the Norton Annual Survey of Bankruptcy Law & Practice, 2018 Edition, and is posted with permission. Copyright © 2018 Thomson Reuters/Westlaw. For more information about this publication please visit http://legalsolutions.thomsonreuters.com/.

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