Cass (Trustee in Bankruptcy) v. Karpnale? (Allan Axelrod, 15 Dec 2000)

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Sender:	Allan Axelrod
Date:	Fri, 15 Dec 2000 12:01:06 -0500
Re:	Cass (Trustee in Bankruptcy) v. Karpnale?

Lionel Smith wrote:

Here is a question for anyone interested, especially insolvency buffs.
In Lipkin Gorman v. Karpnale (let's say it all together: [1991] 2 AC 548) the rogue Cass misappropriated money of the plaintiff and gambled it away at the casino operated by the defendant. One crucial element in the plaintiff's success was that under English gaming law, the gambling transactions were treated as executed gifts so that the defendant could not claim to be a good faith purchaser for value.

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under a US statute called something like the 'religious liberty' act, good-faith charitable gifts by an insolvent are not avoidable

a court able to describe a loss to a casino as a 'gift' should have little trouble recognizing a casino as a 'charity'

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