First National Bank of Jacksboro v. Lasater, 196 U.S. 115 (1905)

By Professor M. Jonathan Hayes

Issue: When the debtor does not disclose an asset to the chapter 7 trustee, what happens to the asset when the case is closed?

Holding: It remains with the estate.

Justice David J. Brewer:

The debtor had a claim against a bank for usury.  Federal law at the time permitted him to collect two times the usurious interest paid to the bank.  The debtor did not disclose the claim to the trustee and filed suit in federal court against the bank two months after the chapter 7 was closed . . .

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