Bankr. No.:
00-40790
Chapter:
7
Date of Decision:
March 5, 2001
Issue:
Whether contract that the Chapter 7 trustee had not timely assumed should be abandoned to the debtor upon the request of the vendee on the contract?
Ruling:
Though the contract was deemed rejected by the trustee under § 365(d)(1) because he had not timely assumed it, the rejection gave the vendee the option under § 365(i) or (j) of continuing with the contract or recognizing the contract as rejected. Since the vendee had apparently chosen to continue with the contract, the contract had value to the estate. There were no grounds under § 554(b) upon which to order the trustee to abandon it.
Full Bankruptcy Court Decision:
