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The Bankruptcy Code Doesn’t Invalidate Transfer Restrictions in an Operating Agreement

The transfer restrictions in an LLC’s operating agreement are enforceable in a bankruptcy sale, the Tenth Circuit BAP says.
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Ninth Circuit Splits on Avoiding and Preserving a Lien on Exempt Property

The Ninth Circuit dissenter interpreted the statute to mean that the debtor must pay a tax lien twice if the lien was avoided and preserved.
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