By Bruce Grohsgal* and Gregory J. Flasser**
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 2016 Annual Survey.
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This article appears in the Norton Annual Survey of Bankruptcy Law & Practice, 2017 Edition, and is posted with permission. Copyright © 2017 Thomson Reuters/Westlaw. For more information about this publication please visit http://legalsolutions.thomsonreuters.com/.