Village of New Lenox v. Union National Bank & Trust Co.

How later courts describe this case

• recognizing that claims against officers, directors, and shareholders are claims of the bankruptcy estate
• holding that failure of Congress to adopt bill overruling Caplin "does not affect a trustee's right to bring a general action on behalf of all creditors rather than a personal one on behalf of only some"
• noting that the test has been adopted by many courts as the standard formulation
• noting that courts have “regularly applied” Section 541 to include property fraudulently or improperly transferred by the debtor prior to bankruptcy
• "Once the bankruptcy petition has been filed, property rights belonging to the debtor under state law become assets of the estate."
• the trustee in bankruptcy acts as representative of all the unsecured creditors
• applying both Illinois and Indiana law
• applying standing requirement to bankruptcy appeal