The following excerpt is from Rushmore Loan Mgmt. Servs. v. Moon (In re Moon), BAP No. NV-20-1057-BGTa, BAP No. NV-20-1070-BGTa (Cross-Appeals) (B.A.P. 9th Cir. 2021):
10. We note that the Panel in California Franchise Tax Board v. Jones (In re Jones), 420 B.R. 506, 514-15 (9th Cir. BAP 2009), aff'd on other grounds, 657 F.3d 921 (9th Cir. 2011), adopted the "estate termination" approach, which dictates that upon confirmation all property revests in the debtor and estate property is terminated unless the plan provides otherwise. On appeal, the Circuit Panel declined to adopt the estate termination, or any other, approach, holding that, unless the debtor elects otherwise in the plan all property of the estate revests in the debtor upon confirmation, "except as to those sums specifically dedicated to fulfilment of the plan." In re Jones, 657 F.3d at 928.
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.