On June 12, Smoss moved before the Bankruptcy Court to reject the contract. On May 29, Smoss made the transfer. Had the court rejected the contract Smoss would have been liable to Savino for a substantial sum representing the difference between the market value and the contract price of the property.
The reasoning of the Jacoby-Bender case is applicable. On May 29, Smoss made the transfer. This is an appeal from an order of the Bankruptcy Court in a Chapter 11 proceeding under the Bankruptcy Code. The City of New York "the City" appeals. Roche, New York City, of counsel , for appellant. The State of New York does not oppose the order. The plan was confirmed after the delivery of the deed because the plan depended entirely on the sale of the property. But the transfer was contemplated by the Bankruptcy Court when it ruled on Smoss's application for exemption. Section c of the Bankruptcy Code states: Savino opposed the rejection. Had the court rejected the contract Smoss would have been liable to Savino for a substantial sum representing the difference between the market value and the contract price of the property. Moreover, the transfer was a precondition to the confirmation and implementation of the plan. The issuance, transfer or exchange of a security, or the making or delivery of an instrument of transfer under a plan confirmed under section of this title, may not be taxed under any state or local law imposing a stamp tax or similar tax. In the present case the transfer of the property was essential to the confirmation of the plan. II The transfer was made pursuant to the pre-petition contract to avoid the liability of Smoss to Savino which rejection would have occasioned. On June 12, Smoss moved before the Bankruptcy Court to reject the contract. The City claims that this section is inapplicable to the transfer for three reasons: At that time its only asset was a parcel of real property located in Queens, New York. The order of the Bankruptcy Court is affirmed. The City claims that the property transferred pursuant to Smoss's pre-petition contract is not exempt from the real property transfer tax. United States District Court, E. Section a specifying the requirements for confirmation of a plan expressly provides for a "liquidation" plan. Berzow, of counsel , New York City, for appellee. In re Jacoby-Bender, F.
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