161856P.pdf   06/15/2017  Joseph Sarachek  v.  Luana Savings Bank
   U.S. Court of Appeals Case No:  16-1856
                          and No:  16-1955
   U.S. District Court for the Northern District of Iowa - Dubuque   
   [PUBLISHED] [Benton, Author, with Loken and Beam, Circuit Judges] 
   Civil case - Bankruptcy. The bankruptcy court did not err in concluding 
   that true overdrafts were debt and payments to cover them were recoverable 
   as preferential transfers; the payments did not qualify as contemporaneous 
   exchanges for new value, or as debts and transfers in the ordinary course 
   of business or as transfers creating security interests; bankruptcy 
   court's decision to base the bank's liability on the uncorrected balances 
   is affirmed; no error in calculating the bank's liability on the basis of 
   two "netted" accounts; transfer of funds between the netted accounts was 
   not a transfer for or on account of an antecedent debt owed by the debtor 
   before the transfer was made, and it was not avoidable.