RRI Realty Corp. v. Incorporated Village of Southampton

How later courts describe this case

• contrasting the function of the § 541 property of the estate definition with the role of the trustee’s avoidance powers
• trustee as bona fide purchaser prevails over investors for whose benefit debtor acquired long-term leasehold
• “This § 544(a)(3) power to avoid any transfer of property of the debtor that is voidable by a bona fide purchaser is in addition to the trustee’s § 544(a)(3
• “Since the entitlement analysis focuses on the degree of official discretion and not on the probability of its favorable exercise, the question of whether an applicant has a property interest will normally be a matter of law for the court.”
• denial of an application for a building permit
• denial of an application for a budding permit
• applying § 544(a)(3) in similar fashion