TransLand Financial petitioner objects to company's request to make disbursements, note payment

By Reshmi Basu

New York, Sept. 10 - TransLand Financial Service, Inc.'s petitioner TierOne Bank objected to the company's request to make certain payments, according to a Monday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

According to the motion, TransLand has asked to make disbursements for expenses relating to appraisals and construction inspections. However, TierOne argued those costs are generally paid by the borrower, not the lender.

In addition, the company has also requested to make a $210,000 payment on a promissory note, for which there is no explanation as to why TransLand needs to pay it off, TierOne contended in the motion.

TierOne Bank, Federal Trust Bank and MidCountry Bank filed an involuntary Chapter 11 bankruptcy case against TransLand on Aug. 23.

The company is a Maitland, Fla.-based mortgage brokerage firm. Its Chapter 11 case number is 07-03834.

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